Financial News: UK GDP Grows More Than Forecast

UK GDP Grows More Than Forecast

05/15/2025 - 03:20:00 (RTTNews)

(RTTNews) - The UK economy grew more than expected in the first quarter driven by services and industrial production, the first estimate from the Office for National Statistics showed on Thursday.

Gross domestic product expanded 0.7 percent sequentially, following a 0.1 percent growth in the previous quarter. GDP was forecast to advance 0.6 percent. Moreover, this was the fastest growth in a year.

In output terms, data showed that the growth was driven by an increase of 0.7 percent in the service sector. Industrial production grew 1.1 percent, while construction output showed nil growth.

On a yearly basis, real GDP expanded 1.3 percent in the first quarter compared to economists' forecast of 1.2 percent.

In March, GDP climbed 0.2 percent but slower than the 0.5 percent growth logged in February.

Industrial production shrank 0.7 percent, reversing February's 1.7 percent increase. Likewise, manufacturing output fell 0.8 percent after rising 2.4 percent a month ago. Another report from the ONS showed that the visible trade deficit narrowed to GBP 19.9 bln from GBP 20.9 billion in February. The expected level was GBP 19.7 billion.

Including goods and services trade, the total trade deficit declined to GBP 3.69 billion from GBP 4.86 billion in February.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Bulgarian GDP Growth Eases, Inflation Hits 4-Month Low (12 min(s), 20 sec(s) ago)
(RTTNews) - Bulgaria's economy expanded at a slightly slower pace in the first quarter of 2025 ...Full Story»

U.S. Industrial Production Unexpectedly Unchanged In April (14 min(s), 20 sec(s) ago)
(RTTNews) - With a rebound by utilities output offset by decreases by manufacturing and mining out ...Full Story»

New York Manufacturing Index Dips Further Into Negative Territory In May (30 min(s), 20 sec(s) ago)
(RTTNews) - A report released by the Federal Reserve Bank of New York said regional manufacturing ...Full Story»

Philly Fed Index Jumps More Than Expected In May (33 min(s), 20 sec(s) ago)
(RTTNews) - Philadelphia-area manufacturing activity remained weak in the month of May, according ...Full Story»

UK Economy Expands Most In A Year (40 min(s), 20 sec(s) ago)
(RTTNews) - The U.K. became the fastest growing economy in the G7 league as the country logged the ...Full Story»

Romania Economic Growth Eases In Q1 (48 min(s), 20 sec(s) ago)
(RTTNews) - Romania's economic growth moderated further in the first quarter, preliminary data ...Full Story»

U.S. Retail Sales Inch Up 0.1% In April (52 min(s), 20 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Thursday showed a slight increase by U ...Full Story»

U.S. Producer Prices Unexpectedly Fall 0.5% In April (55 min(s), 20 sec(s) ago)
(RTTNews) - Producer prices in the U.S. unexpectedly decreased in the month of April, according to ...Full Story»