The UK has almost certainly become the fastest-growing economy in the G7.
On Thursday morning, the Office for National Statistics released its latest official figures on the economy, revealing that the UK’s economy grew by 0.7% in the period from January to March this year.
This was above the 0.6% that had been predicted by analysts, with the ONS saying the surprising growth had been driven by the UK services sector, although production also “grew significantly”, the BBC reports.
The new figures mean the UK is almost certainly now the fastest-growing economy in the G7. The 0.7% figure is higher than growth in Italy, Germany, France and the US, and is above the predicted figures from Canada and Japan.
The figures are from the period before Donald Trump’s tariffs were announced though, along with UK employer tax increases in April, so the strong rate of growth is not expected to continue.
Nevertheless, Chancellor Rachel Reeves said the figures showed “the strength and potential of the UK economy”.
“In the first three months of the year, the UK economy has grown faster than the US, Canada, France, Italy and Germany,” she added.
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