According to the Office for National Statistics' latest report released on Friday, the UK economy exhibited stronger growth in the first quarter than initially projected. GDP expanded by 0.3% during the period from January to March, surpassing the previously estimated 0.1% growth. This upward revision brings the current GDP estimate to 1.8% higher than the levels observed before the onset of the pandemic in 2019.

Grant Fitzner, the chief economist at ONS, remarked, "The most recent data indicates that the GDP growth rate remains largely consistent with the data from the past 18 months. Our revised estimates suggest enhanced performance in the professional and scientific sectors, attributable to improved data sources. On the other hand, healthcare witnessed slower growth due to new real-time data revealing increased service delivery costs."

Furthermore, the GDP growth projection for the entire year of 2022 has been adjusted upward to 4.3% from the initial estimate of 4.1%. Meanwhile, the second-quarter growth rate remains unchanged at 0.2%.

Ruth Gregory, deputy chief UK economist at Capital Economics, offered her perspective, stating, "In summary, today's release has minimal impact on the overall economic landscape. The data indicates that the economy is only 0.6% above its level from a year ago. This underscores the fact that, compared to other G7 nations, excluding Germany and France, the UK has struggled in its economic recovery since the onset of the pandemic. All of this occurs in the context of impending challenges related to rising interest rates."