GDP is estimated to have grown by 0.7 percent in Quarter 1 (Jan to Mar) 2024, revised up from a first estimate of 0.6 percent.
The household saving ratio is estimated to be 11.1 percent in Quarter 1 (Jan to Mar 2024), up from 10.2 percent in Quarter 4 (Oct to Dec) 2023.
The underlying UK current account deficit narrowed to £23.8billion (3.5 percent of GDP) in Quarter 1 2024, down from £26.3billion (3.9 percent of GDP).
Services grew by 0.8 percent with production also seeing a rise of 0.6 percent.
On the other hand construction saw a drop of 0.6 percent.
In expenditure terms, there were increases in the volume of net trade and household spending, partially offset by falls in gross capital formation and government consumption.
Real households’ disposable income (RHDI) is estimated to have grown by 0.7 percent in Quarter 1 2024, maintaining the same growth as the previous quarter.
A second measure of real GDP per head, which measures the economy and its growth in relation to the population, showed an increase of 0.5 percent in Quarter 1 2024, which was also revised up from 0.4 percent.
This also represents a step forward from the fact there were previously seven consecutive quarters without positive growth.
The figures will be seized on by Rishi Sunak to argue that the Conservatives’ economic plan is working and that the country has turned a corner.
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