The UK economy grew by 0.7% in the first quarter compared to the previous three months, according to preliminary data from the Office for National Statistics (ONS).
Analysts had forecast an average rise of 0.6%, according to Trading Economics. In the fourth quarter of last year, UK GDP grew by 0.1%.
The service sector grew by 0.7% in January-March, while manufacturing grew by 1.1%. No changes were observed in the construction sector.
Consumer spending increased by 0.2%, while business investment rose by 2.9%. Government spending fell by 0.5%.
Foreign trade also showed positive dynamics: exports grew by 3.5%, the first increase in a year, while imports increased by 2.1%. In annual terms, the UK’s GDP grew by 1.3% compared to the same period in 2023, confirming the sustainability of the economic recovery.
The increase in British GDP in the first quarter was 1.3% compared to the same period last year.
