UK growth 'outpaces' US and eurozone for first time in three years as economy grows 0.6% in Q1

Out of technical recession

Cristian Angeloni
clock • 2 min read

UK gross domestic product is estimated to have increased by 0.6% in the first three month of 2024, following two quarterly declines in the second half of 2023, according to the Office for National Statistics.

Compared to Q1 2023, GDP has increased by 0.2% in the same period this year, according to ONS data published today (10 May). UK inflation falls less than expected over March to 3.2% Both services and the production sector grew over the three-month period by 0.7% and 0.8%, respectively, while the construction sector fell by 0.9%. The period also saw increases in the volume of net trade, household and government spending, although this was partly offset by falls in gross capital formation, the ONS noted. According to Hetal Mehta, head of economic research at St James's Place, this...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

BlackRock CEO Larry Fink backs Britain amid 'more confidence in the UK economy' - reports
UK

BlackRock CEO Larry Fink backs Britain amid 'more confidence in the UK economy' - reports

UK is 'undervalued'

Linus Uhlig
clock 25 April 2025 • 2 min read
Spring sunshine boosts retail sales by 0.4% but UK 'not out of the woods yet'
UK

Spring sunshine boosts retail sales by 0.4% but UK 'not out of the woods yet'

Andrew Bailey warns of tariff impact

Linus Uhlig
clock 25 April 2025 • 2 min read
Reeves rallies Europe to invest in innovative defence
UK

Reeves rallies Europe to invest in innovative defence

Alongside action on fair trade

Beth Brearley
clock 24 April 2025 • 2 min read
Trustpilot