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14 May, 2024

Transport & storage sector driving economic recovery, latest ONS data reveals

14 May, 2024

The transport and storage sector’s strong performance is playing a key role in helping the UK come out of recession, according to the latest figures from the Office for National Statistics (ONS).

The report has revealed that monthly real gross domestic product (GDP) grew by 0.4% in March 2024, up from 0.2% in February 2024 and 0.3% in January. 

On a quarterly basis, GDP grew 0.6% in the three months to March 2024, compared with the three months to December 2023.

This boost in GDP has been driven by “widespread growth” across the services sector, particularly in transport and storage, which saw a 3.7% increase in output in the period, the report reveals.

It added that this growth was particularly noticeable in February this year, when land transport services, excluding rail transport, saw a 6.4% growth, helping it deliver its highest quarterly growth rate since Q3 2020.

Read the full article here.