British Economy Surpasses Forecasts
(MENAFN) In the first quarter of 2025, the British economy expanded by 0.7 percent compared to the previous quarter, surpassing the market's expectations of a 0.6 percent increase.
Year-on-year, the economy grew by 1.3 percent, also exceeding the anticipated growth rate of 1.2 percent, according to the Office for National Statistics (ONS) report released on Thursday.
The ONS stated, "Growth in Quarter 1 2025 was driven by an increase of 0.7 percent in the services sector, production also grew, by 1.1 percent, while the construction sector showed no growth."
In terms of expenditure, the growth during the quarter was fueled by rises in gross fixed capital formation, net trade, and household consumption.
Real household spending saw a rise of 0.2 percent on a quarterly basis and 0.7 percent year-over-year during the first quarter.
In March, the economy grew by 0.2 percent on a month-to-month basis.
In comparison, the British economy experienced modest growth in the last quarter of 2024, with a 0.1 percent increase, and no growth in the third quarter.
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