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UK Economic Performance in Q1 2024: A Snapshot


The UK economy experienced a mix of challenges and positive developments in the first quarter of 2024. Here are the key points:

 

GDP Growth and Technical Recession:

 

Sectoral Performance:

  • In output terms, all three main sectors experienced declines in Q1 2024:

  • Services: Decreased by 0.1%

  • Production: Declined by 1.1%

  • Construction: Fell by 0.9%2.

  • These sectoral challenges contributed to the overall economic performance during the quarter.

 

Expenditure Trends:

 

Inflation and Income:

 

International Comparisons:


Conclusion

While the UK faced economic headwinds in certain sectors, the signs of recovery and the exit from the technical recession offer hope for sustained growth. Policymakers and businesses will closely monitor these trends as the year progresses.


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