UK economy grew by more than previously estimated during first quarter

The UK economy grew by more than initially estimated at the start of this year, according to figures from the Office for National Statistics (ONS).

The UK economy grew by more than initially estimated at the start of this year, according to figures from the Office for National Statistics (ONS).

The economy grew by 0.7% between January and March 2024, up from the previous figure of 0.6%. Growth in the UK services sector helped to push it even higher, the ONS said.

The positive news on growth followed the UK inflation rate falling to its lowest level in almost three years.

According to the ONS, the Consumer Prices Index (CPI) rose by 2% in the year to May 2024, down from 2.3% in April.

The data showed that whilst prices are still rising, they're increasing at their slowest pace since July 2021.

David Bharier, Head of Research at the British Chambers of Commerce (BCC), said the data is 'a further sign that the UK is exiting the inflation crisis which began in late 2020'.

He continued: 'It provides additional weight for an interest rate cut in the coming months, something which will be welcomed by firms of all shapes and sizes.

'Our research has shown that a steadily declining number of businesses are concerned about inflation, from a record peak of 84% in mid 2022. This is positive news, but prices are not falling, just rising more slowly, and the economic outlook remains challenging.'

Internet links: ONS ONS BCC

Always Better
at giving a first class service


3 Kingfisher Court,
Bowesfield Park,
Stockton on Tees,
TS18 3EX



T : +44 (0) 1642 660 300
E : theteam@anderson-barrowcliff.co.uk

We use cookies on this website, you can find more information about cookies here. © 2025 Anderson Barrowcliff. All rights reserved. powered by totalSOLUTION Registered company number: 15569255. Registered company address: Anderson Barrowcliff Limited, 3 Kingfisher Court, Bowesfield Park, Stockton on Tees, Co Durham TS18 3EX Registered to carry on audit work in the UK and regulated for a range of investment business and consumer credit activities by the Institute of Chartered Accountants in England & Wales.