Economy grew more than first estimated in early 2024, in 'boost to next Prime Minister'
28 June 2024, 08:10
The economy grew faster than had been anticipated in the first quarter of 2024, in what could be a boost to the next Prime Minister.
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The Office for National Statistics (ONS) revealed in revised figures on Friday morning that UK gross domestic product (GDP) grew by 0.7% between January and March.
In May, the statistics body estimated that the economy had grown by 0.6% over the quarter.
The figures come less than a week before the General Election.
Paul Dales, chief UK economist at Capital Economics, said: "The upward revision to GDP growth suggests whoever is prime minister this time next week may benefit from the economic recovery being a bit stronger than our already above-consensus forecast."
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Services were behind the improvement in growth was driven by the services sector, with slightly stronger activity in the professional services, transport and storage sectors.
This growth saw the UK economy rebound from a recession in the latter half of 2023, after the ONS previously confirmed two consecutive quarters of decline.
The economy shrank by 0.1% in the third quarter, and 0.3% in the fourth quarter.
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The UK economy recorded no growth in April, according to the ONS.
April's figures came after the UK economy grew slightly in March, by 0.4%.
Some economists had predicted that the economy would flatline in April, with wet weather expected to affect retail sales and construction.
