UK GDP grows faster than expected at 0.7% in first quarter of 2024

Revised up from 0.6%

The UK economy has made a rebound following two consecutive quarters of negative growth, beating expectations.

According to data from the Office for National Statistics (ONS), quarterly GDP rose by 0.7% in the first quarter of 2024 (January to March), up from an initial estimate of 0.6%. The rise was mainly driven by the services sector, which grew by 0.8% in the quarter, followed by production, which recorded 0.6% growth in the first three months of 2024. The construction sector, however, fell by 0.6%. Overall, GDP estimates showed a 0.3% increase in quarterly figures compared to the same quarter a year ago. Cautious optimism as UK GDP turns positive in January Meanwhile, the ONS highli...