UK Economy Grows 0.6% in Q1
The UK economy grew 0.6% in Q1 2024, driven by the services sector, signaling a recovery from previous contractions.
Atlas Newsdesk ·
UK Economy Grows 0.6% in Q1
The United Kingdom's economy expanded by 0.6% in the first quarter of 2024, from January to March, according to data released by the Office for National Statistics (ONS). This growth follows a period of economic contraction and indicates a recovery trend, primarily driven by the services sector.
The dominant services sector led this expansion, with notable contributions from wholesale trade, computer programming, and advertising. Monthly figures show a 0.3% growth in March, exceeding analyst expectations. The construction industry also registered growth, partially offsetting weaknesses observed in late 2023.
Despite the positive quarterly performance, some prior monthly estimates were revised. February's growth was adjusted downward from 0.5% to 0.4%, and January's growth was revised from 0.1% to zero. These revisions highlight the dynamic nature of economic data and the potential for future adjustments.