UK economy grew more than first thought at start of 2024, says ONS

Jody Harrison

28 June 2024 at 3:04 am·1-min read

Revised figures showed the economy grew by more than had been previously thought in the first quarter of 2024 <i>(Image: PA)</i> — Revised figures showed the economy grew by more than had been previously thought in the first quarter of 2024 *(Image: PA)*

The UK economy’s recovery from recession was stronger than previously thought, according to updated data.

The Office for National Statistics (ONS) revealed in revised figures on Friday morning that UK gross domestic product (GDP) grew by 0.7% between January and March.

READ MORE: Scottish economy is 'standout' performer in UK - revealed

In May, the statistics body estimated that the economy had grown by 0.6% over the quarter.

GDP is estimated to have grown by 0.7% in Quarter 1 (Jan to Mar) 2024, revised up from a first estimate of 0.6%.
Read more ➡️ https://t.co/kMa7MTxKxV pic.twitter.com/ISkPD2lZEf
— Office for National Statistics (ONS) (@ONS) June 28, 2024

The improvement in growth was driven by the services sector, with slightly stronger activity in the professional services, transport and storage sectors.

This growth saw the UK economy rebound from a recession in the latter half of 2023, after the ONS previously confirmed two consecutive quarters of decline.

The economy shrank by 0.1% in the third quarter, and 0.3% in the fourth quarter.

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