UK economy expands 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 three months of the year, which is higher than the initial estimate of 0.6% growth. This news comes just days before the upcoming election, where Labour Party leader Keir Starmer is expected to replace Conservative Prime Minister Rishi Sunak.

The data from the Office for National Statistics confirms that Britain’s economy emerged from a shallow recession at the beginning of 2024. However, the overall growth picture remains weak, with first-quarter gross domestic product only 0.3% higher than the same period a year earlier, slightly above the initial estimate of 0.2%.

Economists surveyed by Reuters had not anticipated any revisions to the quarterly or annual growth estimates. The country’s economy has been struggling since the last national election in December 2019, facing challenges from the COVID-19 pandemic, which has had a lasting impact on the labor force, as well as disruptions from Russia’s invasion of Ukraine and post-Brexit trade frictions.

Despite some positive growth indicators, the overall economic outlook remains uncertain as Britain continues to navigate various challenges on the domestic and international fronts.