The UK economy grew at a faster rate than previously thought in the first quarter of 2024, Gross Domestic Product (GDP) revised upwards to 0.7% from 0.6%. Services sector grew by 0.8% and production sector by 0.6%, although construction output fell by 0.6% due to bad weather.
Real household disposable income grew by 0.7% in Q1 2024, matching the growth in Q4 2023. UK's economy was the fastest-growing in the G7 during Q1. Recent data shows rising consumer confidence, falling inflation to 2%, and a retail sales increase of 2.9% in May.
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