UK economy expanded by 0.7% in the first quarter of 2024.

Official figures released on Friday show that Britain’s economy grew by 0.7% in the first quarter of this year, surpassing the initial estimate of 0.6% growth. This news comes shortly before the upcoming election, where Keir Starmer is predicted to replace current Prime Minister Rishi Sunak.

The Office for National Statistics confirmed that Britain’s economy has come out of a shallow recession at the beginning of 2024. However, the overall growth is still weak, with first-quarter GDP only 0.3% higher than the previous year. This is slightly above the initial estimate of 0.2% growth.

Economists surveyed by Reuters did not anticipate any revisions to the quarterly or annual growth estimates. Britain’s economy has faced challenges since the last national election in December 2019, with the impact of the COVID-19 pandemic, the aftermath of Russia’s invasion of Ukraine, and trade frictions post-Brexit all contributing to the struggles.

Despite these challenges, there are signs of growth in the economy, providing some optimism for the future. The government will need to continue addressing these issues to support sustained economic recovery.