In the first quarter of this year, Britain’s economy experienced a growth of 0.7%, surpassing the initial estimate of 0.6% growth, according to official figures released on Friday. This news comes at a crucial time, just before the upcoming election where Keir Starmer is expected to replace Rishi Sunak as Prime Minister based on opinion polls.
The Office for National Statistics data shows that Britain’s economy emerged from a shallow recession at the beginning of 2024. However, despite this positive development, the overall growth trend remains weak, with first-quarter GDP only 0.3% higher than the previous year. This is slightly above the initial estimate of 0.2%.
Economists surveyed by Reuters did not anticipate any revisions to the quarterly or annual growth estimates. Since the last national election in December 2019, Britain has faced economic challenges due to factors such as Russia’s invasion of Ukraine and post-Brexit trade frictions. Additionally, the lasting impact of COVID-19 pandemic has had a significant effect on labor force and economy as a whole.
The growth data reflects ongoing challenges faced by British economy and underscores the need for continued efforts to address these issues as we move towards general election later this year.
