28 Jun 2024
Revised figures published by the Office for National Statistics (ONS) have shown that the UK economy grew by more than initially estimated at the start of this year.
According to the ONS, the economy grew by 0.7% between January and March 2024, up from the previous figure of 0.6%, which was published last month.
The revised figure means that the economy bounced back even stronger than first anticipated from a recession at the end of last year.
The figure of 0.6% was already stronger than expected, according to economists. Growth in the UK services sector helped to push it even higher, the ONS said.
Commenting on the matter, Paul Dales, Chief UK Economist at Capital Economics, said that the revised figure was 'mainly due to upward revisions to consumer spending', and stated that the new Prime Minister 'may benefit from the economic recovery being a bit stronger'.