Financial News: UK GDP Growth Confirmed At 0.7%

UK GDP Growth Confirmed At 0.7%

(RTTNews) - The UK economy expanded at a stronger pace in the first quarter as previously estimated on robust services and industrial production, revised data from the Office for National Statistics showed on Monday.

Real gross domestic product grew 0.7 percent, unrevised from the first estimate. This followed 0.1 percent expansion in the fourth quarter and marked the fastest growth since the first quarter of 2024.

On the production-side, the services sector climbed 0.7 percent from the prior quarter, while construction output gained only 0.3 percent.

Industrial production advanced by more than estimated 1.3 percent, following falls in the previous three quarters. Within output, manufacturing output grew 1.1 percent, following a 0.6 percent drop in the previous quarter.

The expenditure-side breakdown showed that growth was driven by increases in gross fixed capital formation, net trade and household consumption.

Household spending gained 0.4 percent, while government spending dropped 0.4 percent. Gross fixed capital formation showed an increase of 2.0 percent. Within this, business investment advanced by downwardly revised 3.9 percent.

On a yearly basis, the economy expanded 1.3 percent in the first quarter, which was unrevised from the initial estimate.

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