The UK economy grew by 0.8% in the 1st quarter of this year compared to the previous three months, final data from the Office for National Statistics (ONS) showed.

The data coincided with the preliminary estimate, analysts did not expect its revision.

The estimate of growth of the British economy relative to the 1st quarter of 2021 was left at 8.7%. Experts also did not expect its revision.

The volume of the British economy is now 0.7% above the pre-pandemic level, notes Trading Economics.

Consumer spending in Q1 increased by 0.6% relative to Q4 2021, as previously reported.

Government spending declined 1.3% quarter-on-quarter, with the preliminary estimate pointing to a 1.7% decline. The decline was mainly due to a reduction in health spending.

Business capital investment in the UK in the last quarter decreased by 0.6% quarter-on-quarter.

Industrial production rose 1.3 per cent quarter-on-quarter, while construction rose 2.2 per cent.

The ONS also reported today that the UK’s current account deficit widened sharply to £51.7bn, or 18.3% of GDP, in January-March, up from £7.3bn a quarter earlier. This is the widest deficit since the measure began to be recorded in 1946, Trading Economics wrote.