Britain’s economy recorded stronger-than-expected growth in March, closing the first quarter on a solid note despite growing concerns over geopolitical tensions linked to the Iran conflict.
Figures released by the Office for National Statistics showed that the country’s gross domestic product expanded by 0.3 percent in March compared to the previous month, outperforming economists’ expectations of a 0.2 percent decline.
Growth was supported by improved activity in the services sector, construction, and manufacturing industries.
Overall, the UK economy grew by 0.6 percent during the first quarter, continuing a trend of relatively strong first-quarter performances in recent years.
However, analysts cautioned that maintaining this pace of growth may become increasingly difficult as higher energy prices and inflationary pressures linked to the Iran conflict threaten economic stability.
Scott Gardner, an investment strategist at J.P. Morgan, said investors were still uncertain about the sustainability of the recovery.
According to him, prolonged increases in energy prices caused by the conflict could push inflation higher again and weaken economic momentum.
Recent business surveys have also indicated rising cost pressures, raising concerns that companies and consumers could face tougher conditions in the months ahead.
Meanwhile, the Office for National Statistics noted that changes in post-pandemic spending patterns may have affected growth estimates, leading the agency to revise down previous first-quarter growth figures for 2024 and 2025.
Despite these concerns, British Finance Minister Rachel Reeves said the latest data showed the government’s economic policies were working and helping to strengthen the economy.
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