UK economy grew 0.7% in first quarter of 2024


Pedestrians walks past Bank of England (BoE) in the City of London on September 22, 2022. - (Photo by Isabel INFANTES / AFP)

LONDON: Britain's economy grew 0.7% in the first three months of this year compared with the previous quarter, above an initial estimate of 0.6% growth, official figures showed on Friday.

The figures come less than a week before Britons vote in an election which opinion polls suggest will see Labour Party leader Keir Starmer replace Conservative Prime Minister Rishi Sunak.

Friday's data from the Office for National Statistics confirm Britain's economy exited a shallow recession at the start of 2024.

But the overall growth picture is weak. First-quarter gross domestic product was just 0.3% higher than a year earlier, above an initial estimate of 0.2%.

Economists polled by Reuters had not expected any revisions to the quarterly or annual growth estimates.

Britain's economy has struggled since the last national election in December 2019, hurt by the COVID-19 pandemic - which dealt a lasting blow to the labour force - as well as Russia's invasion of Ukraine and post-Brexit trade frictions. - Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
UK , GDP , growth , Bank of England

Next In Business News

MUFG sees ringgit strengthening to 3.70 by end-2026
BMS Holdings stays cautiously optimistic for FY26
PUC receives conditional LFSA approval for Labuan banking licence
P.A. Resources records higher 2Q revenue
Johor Plantations' net profit rises 34%to RM345mil in FY25
DayOne opens Johor training centre, expands KL shared services hub
Betamek’s 3Q profit jumps 90%, declares 1.25 sen dividend
Hextar Industries buys 51% stake in llaollao operator for RM177.5mil
Ringgit hits near eight-year high of 3.89 vs US dollar
Oriental Kopi acquires land in Selangor for RM23mil

Others Also Read