UK GDP is estimated to have increased by 0.7% QoQ, 0.3% YoY in Q1 2024

GDP is estimated to have increased by 0.3 per cent year on year (YoY) in Q1 2024, according to the Office of national Statistics (ONS).

Monthly estimates of GDP show the country’s economy showed no growth in April this year.

Nominal GDP is estimated to have increased by 1.6 per cent QoQ in Q1 2024, revised from a 1.2-per cent increase.

The production sector grew by 0.6 per cent QoQ in the quarter.

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, an ONS release said.

The household saving ratio is estimated to be 11.1 per cent in Q1 2024, up from 10.2 per cent in Q4 2023.

Real households’ disposable income is estimated to have grown by 0.7 per cent in Q1 2024, maintaining the same growth as in the previous quarter.

Fibre2Fashion News Desk (DS)