Faisal Islam: Six things we now know about the UK economy in charts
Summary
The UK economy grew by 0.6% in the first quarter of 2024, showing more strength than many experts expected despite the Iran war. The UK is currently growing faster than most other major economies, but some sectors are struggling, and consumer confidence is falling due to rising fuel and mortgage costs.Key Facts
- UK economy grew 0.6% from January to March 2024.
- Growth per person (GDP per capita) increased at the fastest rate in four years.
- The UK is the fastest growing economy among the G7 countries so far in 2024.
- The International Monetary Fund (IMF) predicted the UK would be hardest hit by the Iran war, but this has not happened yet.
- Services, construction, and manufacturing industries saw growth.
- The AI and tech sectors showed strong investment, called "Britmaxxing."
- Some sectors like machinery, equipment, and administrative services declined.
- Consumer confidence dropped due to higher fuel prices and mortgage rates, which may slow future growth.
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