UK growth revised higher days before election

STORY: Britain's economy performed better than previously thought at the start of this year.

It expanded 0.7% in the first three months from the previous quarter, according to official figures out Friday.

That was up on initial estimates.

The numbers come less than a week before the UK general election, where polls put the opposition Labour Party well ahead of the ruling Conservatives.

Friday's data confirms Britain's economy exited a shallow recession at the start of the year, but the overall growth picture is weak.

First-quarter GDP was just 0.3% higher than a year earlier.

Britain's economy has struggled since the last national election four and half years ago.

It was hurt by the pandemic, Russia's invasion of Ukraine, and post-Brexit trade frictions.

Overall, the economy in the first quarter of 2024 was 1.8% larger than in the final quarter of 2019, back before the health crisis.

That made it the weakest performer after Germany among the world's seven largest advanced economies.

Britain's growth in the first quarter was its fastest since the final quarter of 2021, however, and the second quarter looks solid, too.

Last week, Britain's central bank estimated GDP would expand by 0.5% in the April-to-June period.

But it expects this to be a rebound from last year's weakness, rather than the start of a period of strong growth.