London: The UK's economy grew at 0.7 percent, marking its fastest pace in a year during the first three months, the Office for National Statistics (ONS) reported on Monday.
According to Kuwait News Agency, the ONS revealed that output in the services sector increased by 0.7 percent, while the production sector saw a rise of 1.3 percent. The construction sector experienced growth of 0.3 percent. Household expenditure in the January-to-March period grew by 0.4 percent, a revision from an initial estimate of 0.2 percent. This growth was mainly fueled by spending on housing, household goods and services, and transport.
The Bank of England has forecasted a more modest economic growth of approximately 0.25 percent in the second quarter of the year. Additionally, a survey released earlier on Monday indicated that confidence levels among British employers have reached a nine-year high, reflecting increased optimism regarding the economic outlook.