UK Annual GDP Growth Rate Revised Up to 0.3% in Q1

The British economy 0.3% year-on-year in the first quarter of 2024, slightly higher than 0.2% in the initial estimate, and rebounding from a 0.2% fall in the previous quarter.

The services sector rose 0.4%, higher than 0.3% in the preliminary estimate and rebounding from a 0.2% fall in Q4 2023.

Production went up less than expected (0.3% vs 0.5%), but recovered from a 0.1% fall.

Construction on the other hand, fell 0.4%, extending a 0.6% decline in the previous quarter, but less than -0.7% in the preliminary estimate.

On the expenditure side, public spending rose 3.4% (vs 3.7%), but declines were seen for household consumption (-0.2% vs -0.4%), business investment (-1% vs -0.6%), exports (-2.1%) and imports (-3% vs -2.7%).

Compared to the previous quarter, the GDP in the UK expanded 0.7%, exiting recession, and better than 0.6% in the first estimate.