The United Kingdom government says the country’s economy grew at a faster rate than previously anticipated in the first quarter of 2024.gross domestic product growth is estimated to have increased by 0.7 percent in Q1.“Looking at more timely monthly estimates of GDP, it was recently estimated that the economy showed no growth in April 2024,” the statistics office said.“GDP is estimated to have increased by 0.3% in Quarter 1 2024 compared with the same quarter a year ago.
“In expenditure terms, there were increases in the volume of net trade and household spending, partially offset by falls in gross capital formation and government consumption,” the ONS said. “The household saving ratio is estimated to be 11.1% in the latest quarter, up from 10.2% in Quarter 4 2023. “Real households’ disposable income is estimated to have grown by 0.7% in Quarter 1 2024, maintaining the same growth as the previous quarter.”On June 19, ONS said UK inflation decreased to 2 percent in May, from 2.3 percent in April — the lowest in nearly three years.Prime Minister Rishi Sunak’s Conservative Party is seeking another mandate after 14 years in power, while the Labour Party has maintained a 20-point polling lead under leader Keir Starmer in recent weeks.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »