UK economy grew more than expected in first three months of year
Summary
The UK economy grew by 0.7% in the first three months of the year, beating predictions of 0.6% growth. This rise was mainly due to the services sector and happened before new US tariffs and higher UK business taxes in April.Key Facts
- The UK's economy expanded by 0.7% from January to March.
- Original growth forecasts had predicted a growth of 0.6%.
- The services sector was the main driver of this growth.
- March saw a 0.2% increase in economic growth.
- Growth occurred before US import tariffs and an increase in UK employer taxes in April.
- UK economic growth in that period outpaced the US, Canada, France, Italy, and Germany.
- Despite recent growth, forecasts for the UK's annual economic growth have been downgraded by some institutions.
- Business investment also increased nearly 6% during this period.
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