Market News
UK economy grew at fastest pace in a year in the first quarter before expected slowdown - REUTERS
By William Schomberg and Suban Abdulla
Summary
- UK economic growth confirmed at +0.7% in Q1
- Output showing signs of slowing in more recent data
- Spending by households revised up
- Current account deficit bigger than expected
LONDON, June 30 (Reuters) - Britain's economy grew at its fastest pace in a year in the first three months of 2025 as homebuyers rushed to beat a deadline on property purchases and manufacturers sped up output ahead of U.S. President Donald Trump's higher import tariffs.
In a bounce that is not expected to be maintained in the rest of 2025, output grew by 0.7%, confirming a preliminary estimate and the fastest quarterly pace since the first three months of 2024, the Office for National Statistics said.
Growth in March alone was revised up to 0.4% from a previous reading of 0.2%, the ONS said.
