The upward revision to the UK's Q1 GDP is encouraging and further evidence that the UK economy is recovering. The services upgrade - to 0.8% from 0.7% - backs what we have been seeing in inflation data.
All the data suggests that the economy is set to continue to rise in Q2. We then expect growth to accelerate in the second half of this year and into 2025 as sharply lower inflation, tax cuts and falling interest rates give households an income boost.
The latest UK GDP data shows that Britain's economy grew quicker than expected in the first quarter of the year, expanding by 0.7% from the previous quarter. These figures show that the UK economy is slowly starting to turn a corner, confirming that Britain's economy exited a shallow recession at the start of 2024.
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