UK economy grew 0.7% in January-March


Lerato Khumalo

The growth forecast for the UK economy for the January-March period was increased to 0.7 percent.

According to the growth data announced by the British Office for National Statistics (ONS) for the first quarter of the year, the previously announced growth forecast of 0.6 percent for the January-March period was revised upwards.

Accordingly, the UK economy grew by 0.7 percent on a quarterly basis in the first quarter of the year. The UK economy had shrunk in the third and fourth quarters of 2023.

While the country’s economy grew by 0.3 percent on an annual basis in the first quarter, it did not grow on a monthly basis in April.

While the service sector grew by 0.8 percent and the industry by 0.6 percent during this period, the construction sector contracted by 0.6 percent.