Stock Market News in real time

UK GDP grows ahead of consensus in March and first quarter

May 10, 2024 at 02:22 am EDT

(Alliance News) - The UK economy grew by more than expected in March and in the first quarter of 2024, according to official numbers on Friday.

UK gross domestic product increased by 0.4% in March from February, the Office for National Statistics reported. This was ahead of FXStreet-cited market consensus of 0.1% growth. UK GDP had expanded by 0.2% on-month in February, according to revised data from the ONS.

In the first quarter of 2024, GDP is estimated to have grown by 0.6%, beating expectations of a 0.4% increase and following a 0.3% decline in the fourth quarter of 2023 and a 0.1% decline in the third quarter.

Compared with the same quarter a year ago, GDP rose 0.2%.

The ONS also said that industrial production increased by 0.2% in March from February. It was expected to decline by 0.5%, according to FXStreet. Production had risen by 1.0% in February from January.

On an annual basis, industrial production improved by 0.5% in March, having risen by 1.0% a month earlier.

Data on Friday also showed the UK trade deficit narrowed to GBP1.10 billion in March from GBP2.29 billion in February, as imports fell at a faster pace than exports.

The value of goods imports declined by 2.5% in March, because of lower imports of machinery and transport equipment and fuels.

The value of goods exports decreased by 1.3%, with a fall in exports to non-EU countries partially offset by a rise in exports to the EU.

By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com