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28.06.202407:54:00UTC+00UK Economy Expands 0.7% In Q1, More Than Estimated

The British economy demonstrated a stronger recovery in the first quarter than initially estimated, according to recent data released by the Office for National Statistics on Friday.

The gross domestic product (GDP) grew by 0.7 percent from the fourth quarter, which had previously seen a contraction of 0.3 percent. The initial estimate for this growth was pegged at 0.6 percent.

This revision signals that the UK has exited a technical recession, following GDP contractions in the preceding two quarters.

A detailed expenditure breakdown revealed increases in net trade volume and household spending, which partially offset declines in gross capital formation and government consumption, the ONS reported.

On an annual basis, GDP rose by 0.3 percent in the March quarter, an upward revision from the initially estimated 0.2 percent growth.

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