The British economy grew 0.6% on quarter in the first three months of 2024, above forecasts of 0.4%, and ending the recession it entered last year, preliminary estimates showed. It also marks the strongest expansion in over two years, with services rising 0.7% amid widespread growth across the sector, although land transport services via pipelines (excluding rail transport) soared 6.4%. Also, the production sector grew 0.8%, with manufacturing making the largest contribution, namely transport equipment (5.7%) while the construction sector fell 0.9%. In expenditure terms, household consumption went up 0.2%, led by spending on housing, water and fuels, recreation and culture, restaurants and hotels. Net tourism on the other hand, contributed negatively to growth. Government spending rose 0.3%, reflecting higher activity in health and transport. Gross fixed capital formation increased 1.4%, of which business investment (0.9%). Also, imports (-2.3%) fell more than exports (-1%).
