According to the Office for National Statistics,
- Services sector output increased by 0.7% quarter-on-quarter in Q1 2024. Significantly, services output rose for the first time quarter-on-quarter since Q1 2023.
- Production grew by 0.8%, with manufacturing the main contributor.
- However, the construction sector contracted by 0.9%.
- Net trade, household consumption, and government spending contributed to the headline GDP numbers.
- Household consumption increased by 0.2% in Q1 2024.
In March, the UK economy expanded by 0.4% after growth of 0.1% in February. Economists expected the economy to grow by 0.1%.
Bank of England Monetary Policy Implications
The Bank of England
