BusinessPostCorner.com
No Result
View All Result
Friday, May 23, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

UK economy grew more than first estimated in early 2024

June 28, 2024
in Business
Reading Time: 2 mins read
A A
0
UK economy grew more than first estimated in early 2024
ShareShareShareShareShare

The economy grew by more than initially estimated in the first three months of 2024 as the UK emerged from recession, revised official figures show.

Between January and March, the economy grew by 0.7% the Office for National Statistics (ONS) said.

Figures released last month initially estimated growth had been 0.6%.

The strength of the economy has been a central battleground in the general election campaign, with growth having been sluggish in recent years.

Most economists, politicians and businesses want to see GDP rising steadily, because it usually means people are spending more, extra jobs are created, more tax is paid to the government and workers get better pay rises.

The original figure for the first quarter of the year was stronger than economists had expected, and growth in the services sector, which includes businesses such as hairdressers, banks, and hospitality, helped to push it higher, the ONS said.

But while services growth was revised upwards, increases in manufacturing were revised down on the back of more data being collected.

Paul Dales, chief UK economist at research company Capital Economics, said the faster growth rise in GDP in early 2024 was “mainly due to upward revisions to consumer spending”.

The ONS said there was increased spending on recreation and culture, as well as housing and food, but added household disposable incomes had continued to rise in early 2024 as workers secured wage increases.

Mr Dales said this meant household saving rates rose from 10.2% at the end of last year to 11.1%, which was the highest rate since mid 2021 when savings were boosted during the Covid pandemic.

He added the new figure suggested “whoever is Prime Minister this time next week may benefit from the economic recovery being a bit stronger”.

Credit: Source link

ShareTweetSendPinShare
Previous Post

BTS agency staff facing insider trading charges

Next Post

Biden debate performance leads to calls for him to drop out of race

Next Post
Biden debate performance leads to calls for him to drop out of race

Biden debate performance leads to calls for him to drop out of race

UK inflation rose more than expected to 3.5% in April

UK inflation rose more than expected to 3.5% in April

May 21, 2025
Paraguay Foils Crypto Mining Theft Near Itaipu Dam, 3 Deported, 1 Arrested

Paraguay Foils Crypto Mining Theft Near Itaipu Dam, 3 Deported, 1 Arrested

May 17, 2025
M&S hackers believed to have gained access through third party

M&S hackers believed to have gained access through third party

May 17, 2025
New Central Bank Crypto Rules ‘Will Ban USDT Trading in Russia’

New Central Bank Crypto Rules ‘Will Ban USDT Trading in Russia’

May 18, 2025
At Google I/O, Gemini Diffusion’s speed and coding skills hint at the next phase of the AI model wars

At Google I/O, Gemini Diffusion’s speed and coding skills hint at the next phase of the AI model wars

May 21, 2025
Trump Gifts Tron Founder Justin Sun Golden Watch for Being Top $TRUMP Holder

Trump Gifts Tron Founder Justin Sun Golden Watch for Being Top $TRUMP Holder

May 23, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Is Pi Network About to Miss the Bull Run? Insider Selling Raises Major Red Flags (Pi Network Price Prediction)

Is Pi Network About to Miss the Bull Run? Insider Selling Raises Major Red Flags (Pi Network Price Prediction)

May 23, 2025
Donald Trump ‘not looking for deal’ as he threatens EU with 50% tariff

Donald Trump ‘not looking for deal’ as he threatens EU with 50% tariff

May 23, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!