UK first-quarter growth confirmed at 0.7%

(Sharecast News) - Data released on Monday by the Office for National Statistics showed the UK economy grew 0.7% in the first three months of the year, confirming a preliminary estimate released in May. Growth was driven by a 0.7% increase in the services sector, while production also grew, by 1.3%, and the construction sector saw 0.3% growth.

ONS director of economic statistics Liz McKeown said: "While overall quarterly growth was unrevised, our updated set of figures show the economy still grew strongly in February, with growth now coming in a little higher in March too.

"There was broad based growth across services, while manufacturing also had a strong quarter.

"The saving ratio fell for the first time in two years this quarter, as rising costs for items such as fuel, rent and restaurant meals contributed to higher spending, although it remains relatively strong."