UK is joint fastest-growing economy in the G7, beating Germany, France, Italy

Oh dear, Brexit Britain’s economy grows again, defying the experts

Montage © Facts4EU.Org 2024

Real GDP growth (after inflation) rose by 0.6% in Q1

Once again we ask: “Where’s the cliff edge we were supposed to fall off if we voted Leave?”

According to the Office for National Statistics yesterday, the UK’s gross domestic product (GDP) is estimated to have 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. It also beat the EU27 average.

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.

Brexit Facts4EU.Org Summary

Real GDP growth Q1 2024 – International comparison

United Kingdom : 0.6%
Canada : 0.6%
United States : 0.4%
Italy : 0.3%
EU27 average : 0.3%
France : 0.2%
Germany : 0.2%

[Sources: ONS and OECD, 10 May 2024.]

Fastest growth of EU’s major economies

Despite the strong economic headwinds, Brexit Britain put on a very creditable performance in the first three months of this year. In real terms – after accounting for inflation – the UK’s economy grew faster than the EU’s three top economies.

As can be seen above, it also grew twice as fast as the average growth for all EU27 member countries, which was 0.3%.

Observations

The headline figures are unequivocal. Brexit Britain – which was supposed to fail if we voted to leave in 2016 – has beaten the EU in the first quarter of this year when it comes to economic growth.

Rejoiners will no doubt pour over all the figures in an attempt to find negatives but the headline numbers are very clear. They may try to cherry-pick and quote details where individual sectors fell in Q1, but the overall picture is clear.

In addition we would point out that in our years of experience, more often than not the ONS later revises GDP growth figures upwards. We would not be the slightest bit surprised if the headline real growth figure were not increased to 0.7%, making the UK the fastest-growing economy in the G7.

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[ Sources: Office for National Statistics | OECD ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Sat 11 May 2024

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Reader Comments 4

1. Ashley Great Britain , Saturday, May 11, 2024, 06:54:

And our economy has managed this DESPITE the rejoiner blob hindering things. Just imagine how we would be if they weren't against Brexit. The possibilities are all there for the country.
Now we need Great competent people in government to improve things far further.

2. Have You Wondered , Saturday, May 11, 2024, 07:03:

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1. Ashley Great Britain - Indeed. "Now we need Great competent people in government to improve things far further."
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What the UK also needs to see is the 'trickle down economics' - the crumbs that fall off the table - that benefits the electorate.
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3. Have You Wondered , Saturday, May 11, 2024, 07:31:

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Off subject.
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I don't wish to divert from todays good news at all.
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From todays European press. Another crack ? A net contributor about to upset the EU democratic and economic apple cart?
.
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Irish independent MEP candidate and anti-mass migration protest movement leader Malachy Steenson :
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“Irish political parties were in lockstep with EU policy for decades. They’re careerists,” he said.
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He argued that many of these policies, including “migration chaos, democratic backsliding on freedom of speech, and unhinged woke and green extremism”, had “disgusted” Irish voters.
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“Those Irish people are now turning to independents to shield them from self-serving Irish and EU politics. It’s that simple,” the Dublin-based candidate argued.
“We want to build a Europe of its people, run for the benefit of its people and not for an elitist political and NGO class.”
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As this F4EU shows - the UK is on the up despite determined efforts otherwise. The EU, with its myriad of problems, is looking like a crazed ceramic pot.
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4. Ashley Great Britain , Saturday, May 11, 2024, 10:29:

Some ceramic pots are more crazed than others.

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