UK economy grew 0.7% in first quarter of 2024 By Reuters

LONDON (Reuters) – Britain’s economy grew 0.7% in the first three months of this year compared with the previous quarter, above an initial estimate of 0.6% growth, official figures showed on Friday.

The figures come less than a week before Britons vote in an election which opinion polls suggest will see Labour Party leader Keir Starmer replace Conservative Prime Minister Rishi Sunak.

Friday’s data from the Office for National Statistics confirm Britain’s economy exited a shallow recession at the start of 2024.

But the overall growth picture is weak. First-quarter gross domestic product was just 0.3% higher than a year earlier, above an initial estimate of 0.2%.

Economists polled by Reuters had not expected any revisions to the quarterly or annual growth estimates.

Britain’s economy has struggled since the last national election in December 2019, hurt by the COVID-19 pandemic – which dealt a lasting blow to the labour force – as well as Russia’s invasion of Ukraine and post-Brexit trade frictions.