UK growth 'outpaces' US and eurozone for first time in three years as economy grows 0.6% in Q1

Out of technical recession

UK gross domestic product is estimated to have increased by 0.6% in the first three month of 2024, following two quarterly declines in the second half of 2023, according to the Office for National Statistics.

Compared to Q1 2023, GDP has increased by 0.2% in the same period this year, according to ONS data published today (10 May). UK inflation falls less than expected over March to 3.2% Both services and the production sector grew over the three-month period by 0.7% and 0.8%, respectively, while the construction sector fell by 0.9%. The period also saw increases in the volume of net trade, household and government spending, although this was partly offset by falls in gross capital formation, the ONS noted. According to Hetal Mehta, head of economic research at St James's Place, this...