GDP Quarterly National Accounts UK - January To March 2024 - Revised Figures Who Improvement

28th June 2024

UK gross domestic product (GDP) is estimated to have increased by 0.7% in Quarter 1 (Jan to Mar) 2024, revised up from a first estimate increase of 0.6%.

Looking at more timely monthly estimates of GDP, it was recently estimated that the economy showed no growth in April 2024.

GDP is estimated to have increased by 0.3% in Quarter 1 2024 compared with the same quarter a year ago.

In output terms, services grew by 0.8% on the quarter with widespread growth across the sector; elsewhere the production sector grew by 0.6% while the construction sector fell by 0.6%.

In expenditure terms, there were increases in the volume of net trade and household spending, partially offset by falls in gross capital formation and government consumption.

The household saving ratio is estimated to be 11.1% in the latest quarter, up from 10.2% in Quarter 4 (Oct to Dec) 2023.

Real households' disposable income (RHDI) is estimated to have grown by 0.7% in Quarter 1 2024, maintaining the same growth as the previous quarter.

UK real gross domestic product (GDP) is estimated to have grown by 0.7% in Quarter 1 (Jan to Mar) 2024, revised up from a first estimate increase of 0.6%. This follows falls in the previous two quarters (Figure 1). Compared with the same quarter a year ago, real GDP is estimated to have increased by 0.3% in Quarter 1 2024.

Looking at our more timely monthly estimates of GDP, it was recently estimated that the economy showed no growth in April 2024 as an increase in the services sector was offset by falls in production and construction.

Figure 1 shows that the economy has increased in the latest quarter following two consecutive quarters of negative growth. As explained in our Communicating the UK economic cycle methodology article, the concept of a "technical" recession comprises two or more consecutive quarters of contracting output. Most experts, as noted in our recent blog, consider other factors, while taking into account the latest data. For example, it is advisable to consider the broader picture such as the depth, diffusion (spread) and duration of the change in GDP.

Read the full ONS report HERE