BREXIT BRITAIN outperforms EU and becomes joint fastest-growing economy in G7

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Brexit Britain put on a very creditable performance in the first three months of this year growing faster than the European Union’s top three economies of Germany, France and Italy.

New figures from the Office for National Statistics show the UK’s gross domestic product (GDP) increased by 0.6% in Quarter 1 (Jan to Mar) 2024.

This is the joint-highest growth in the G7 group of major economies, alongside Canada.

The United Kingdom beat the EU’s three largest economies: Germany, France and Italy and also beat the EU27 average.

© Brexit Facts4EU.Org

In output terms, services grew by 0.7% on the quarter with widespread growth across the sector; elsewhere the production sector grew by 0.8% while the construction sector fell by 0.9%. In expenditure terms, there were increases in the volume of net trade, household spending and government spending, partially offset by falls in gross capital formation.

[Sources: ONS and OECD, 10 May 2024]

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