UK economy grew 0.6% between January and March

An important development from the financial markets: 6% between January and March8 minutes ago Share Save Add as preferred on GoogleEmer MoreauBusiness reporterUgur Karakoc/Getty ImagesThe UK's economy grew by 0. 6% in the three months to March, according to the latest official figures. The Office for National Statistics (ONS) said growth had picked up in the first three months of the year, led by the dominant services sector.

Monthly figures show that the economy grew by 0. 3% in March, which was stronger than analysts had expected. It was also the first full month since the outbreak of the Iran war covered by the figures.

Economic Details

The ONS said the boost to the services sector was driven in particular by strong performance in wholesale, computer programming and advertising. Liz McKeown, the ONS's director of economic statistics, said the construction industry had also returned to growth, "though only partly reversing weakness at the end of last year". The figures can be revised up or down in future months.

While March's growth was higher than expected, the estimate for February was revised down from 0. 4%, and January's was reduced from 0. Responding to the figures, Chancellor Rachel Reeves said they showed the government had "the right economic plan".

"Now is not the time to put our economic stability at risk. To do so would leave families and business worse off, "she said. "Instead, this government is getting on with the job of building an economy that is stronger, more resilient, and prepared for the future.

Financial markets are tracking the development closely as investors assess the likely impact.