The Office for National Statistics (ONS) said that the gross domestic product (GDP) increased by 0.7% from January to March, providing an update on its first growth estimate.
The positive output number, which was first reported on May 10th, 2023, and was 0.6% higher than the previous three months, put an end to the slight recession that had been occurring in the second half of 2023.
Then, analysts generally blamed the effects of interest rate increases by the Bank of England to fight inflation for stifling demand.
Almost 80% of the growth that occurred between January and March may be attributed to the services sector.
Since then, we’ve learnt that the ONS reported no growth in April due to bad weather that affected high streets and construction.
The economy, and personal finances in particular, are among the subjects high on voters’ minds following the effects of the COVID pandemic and energy-driven cost of living issue. This data is the final one from the ONS before the nation goes to the polls on July 4.
