In an update on its first growth estimate, the Office for National Statistics (ONS) said gross domestic product (GDP) rose by 0.7% between January and March.
It had originally said on 10 May that output was 0.6% up on the previous three months – a positive figure that brought to an end the shallow recession that struck during the second half of 2023.
Then, the effects of Bank of England interest rate rises to combat inflation were widely blamed by economists for choking of demand.
All the growth during the January-March period was attributable to the services sector, which accounts for almost 80% of the economy.
We have since learned that there was zero growth recorded by the ONS for the month of April, with poor weather hitting construction and high streets.
The data is the last from the ONS before the country goes to the polls on 4 July – with the economy, and personal finances especially, among the topics high on voters’ minds following the effects of the COVID pandemic and energy-driven cost of living crisis.
The timing of the general election has coincided with fierce debate over whether the Bank should now be cutting interest rates, allowing for an easing in borrowing costs.
At its last policy meeting earlier this month, the rate-setting committee voted 7-2 to maintain Bank rate at 5.25%.
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