The Office for National Statistics (ONS) has revised the UK's first-quarter economic growth to 0.7%, up from the previously estimated 0.6%.

In terms of output, the services sector — including businesses such as hairdressers, banks, and hospitality — expanded by 0.8% in the quarter, showing widespread growth. Meanwhile, the production sector increased by 0.6%, whereas the construction sector experienced a decline of 0.6%.

Economic growth has become a crucial issue in the lead-up to the upcoming election, as the UK has struggled with slower growth since emerging from COVID-19. Compared to other G7 countries, the UK recorded the strongest growth last quarter, according to the data.

Regarding personal finances, the household saving ratio slightly increased compared to Q4 of 2023. This rise was due to a £3 billion increase in income from wages and salaries, a £3.7 billion rise in adjustments for pension entitlements, and a £3.4 billion decrease in employees' actual social contributions, largely due to a reduction in the national insurance contribution rate for employees.

The ONS also reported that real households' disposable income (RHDI) is estimated to have grown by 0.7% in the first quarter of 2024, matching the growth rate of the previous quarter.

The report confirms that the economy contracted in the second half of last year, with a 0.1% decline in the third quarter and a 0.3% decline in the fourth quarter, indicating a technical recession.