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Financial News: UK Economy Expands 0.7% In Q1, More Than

UK Economy Expands 0.7% In Q1, More Than Estimated

06/28/2024 - 02:54:00 (RTTNews)

(RTTNews) - The British economy recovered more than initially estimated in the first quarter, the latest data from the Office for National Statistics showed on Friday.

Gross domestic product grew 0.7 percent from the fourth quarter, when the economy shrank 0.3 percent. In the initial estimate, the rate of expansion was 0.6 percent.

With this, the country has now come out of a technical recession as the GDP contracted in the previous two quarters.

The expenditure breakdown showed that there were increases in the volume of net trade and household spending, partially offset by falls in gross capital formation and government consumption, the ONS said.

On an annual basis, GDP advanced 0.3 percent in the March quarter, revised up from a 0.2 percent rise estimated initially.

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