Britain, with the highest growth in the G7 - British economy exceeds expectations in the first quarter of 2025
The British economy expanded at the fastest pace of any G7 country, driven largely by the services sector, despite trade tensions that have rattled global markets.
The British economy expanded at its fastest pace in a year during the first quarter of 2025, official figures showed.
The Office for National Statistics said the economy grew by 0.7% in the first quarter of the year compared to the last three months of 2024, with the dominant services sector as the main driver.
This figure marks the fastest growth among the Group of Seven major industrial nations, while the market had forecast an expansion of 0.6%. It was also the largest increase since the first quarter of 2024.
Treasury chief Rachel Reeves praised the figures and said the choices made by Labour since it was elected last July were starting to bear fruit.
Many analysts think the economy is likely to slow in the second quarter of the year, partly due to global uncertainty generated by US President Donald Trump's tariff policies.
Although most tariffs were suspended for 90 days following the ensuing market turmoil, including the 10% base tariff applied to UK goods entering the US, the global economy remains highly uncertain, particularly if the US-China trade war continues.
However, some of these tensions were eased when Trump and British Prime Minister Keir Starmer separately worked out the details of a trade deal between the US and the UK. Although the US leader kept the basic 10% tariff on the UK, he agreed to reduce taxes on British cars, steel and aluminium.
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