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28/06/24
187
UK GDP Rose More Than Expected in Q1
On June 28, the Office for National Statistics (ONS) revealed that the UK economy grew by 0.7 percent in Q1 2024, relative to an initial estimate of 0.6 percent growth. Q3 and Q4 2023 witnessed 0.1 percent and 0.3 percent contractions respectively.
This represents the fastest UK growth since the end of 2021 as well as the highest of any G7 country. Likewise, it is a confirmation of the UK economy’s exit from the shallow recession seen when this year started.
According to ONS data, the services sector expanded by 0.8 percent, relative to an initial estimate of 0.7 percent growth; production rose by 0.6 percent relative to an initial estimate of 0.8 percent; and the construction sector contracted 0.6 percent.
In Germany, official data published on the same day showed that unemployment rose more than anticipated last month, coming in at a 19,000 increase in seasonally adjusted terms, relative to a 15,000 increment anticipated.
CPI in the eurozone’s second-largest economy increased by 2.5 percent on a yearly basis this month, relative to May’s 2.6 percent increase, according to the Insee statistics agency on Friday.
Spain’s National Statistics Institute (INE) reported the preliminary readings for CPI, noting that inflation in Spain declined to 3.4 percent on a yearly basis, relative to the previous 3.6 percent; Core CPI remained steady at 3 percent.
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