Revised official figures released by the Office for National Statistics (ONS) show that the UK economy grew by more than initially estimated in the first three months of 2024. According to the ONS, between January and March, the economy grew by 0.7%, higher than the previously estimated 0.6%.
The growth in the services sector, which includes businesses like hairdressers, banks, and hospitality, played a significant role in boosting economic growth further. This unexpected increase in GDP has been a significant point of contention in the general election campaign, as economic growth has been slow in recent years.
Most economists, politicians, and businesses are in agreement that steady GDP growth is essential. This growth usually signifies increased consumer spending, the creation of more jobs, higher tax revenue for the government, and improved wages for workers. With the economy showing signs of improvement, there is hope for continued growth and prosperity in the future.