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Economy growth higher than estimated

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Figures released by the Office for National Statistics (ONS) show that the economy grew by 0.7% between January and March. This is higher than their initial estimate of 0.6%, and means that the country’s emergence from recession was stronger than expected.

These figures mean that the UK experienced the fastest growth of the G7 economies in this first quarter of 2024. It is also the highest growth in a quarter since 2021 and bodes well for the economy as a whole over coming months.

Increases in GDP are seen as positive because it usually means that more money is being spent, with its desirable knock-on effects to jobs being created, better pay rises for workers, and increased tax take for the government.

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