Connect with us

Hi, what are you looking for?

Business

UK economy grew more than first estimated in early 2024

The economy grew by more than initially estimated in the first three months of 2024 as the UK emerged from recession, revised official figures show.

Between January and March, the economy grew by 0.7% the Office for National Statistics (ONS) said.

Figures released last month initially estimated growth had been 0.6%.

The strength of the economy has been a central battleground in the general election campaign, with growth having been sluggish in recent years.

Most economists, politicians and businesses want to see GDP rising steadily, because it usually means people are spending more, extra jobs are created, more tax is paid to the government and workers get better pay rises.

The original figure for the first quarter of the year was stronger than economists had expected, and growth in the services sector, which includes businesses such as hairdressers, banks, and hospitality, helped to push it higher, the ONS said.

But while services growth was revised upwards, increases in manufacturing were revised down on the back of more data being collected.

Paul Dales, chief UK economist at research company Capital Economics, said the faster growth rise in GDP in early 2024 was “mainly due to upward revisions to consumer spending”.

He added the new figure suggested “whoever is Prime Minister this time next week may benefit from the economic recovery being a bit stronger”.

You May Also Like

Europe

A major international conference was convened in Banja Luka, the capital of the Republic of Srpska, last Saturday, December 9. Held under the title...

Europe

As the people of Bangladesh observe one more anniversary of their triumph on the battlefield in 1971, it is only proper that we travel...

Europe

On the face of it, he is a perfect opposition politician – all righteous anger and condemnation when you browse through his social networks...

Europe

When Saif Alketbi purchased a stake in Fortenova, the Croatian food giant and the country’s biggest private employer, many welcomed this significant foreign direct investment from the...