Overview

• Official figures show GDP rose 0.7% between January and March, the strongest quarterly pace since Q1 2024.
• Services output increased by 0.7%, production climbed 1.3% and construction edged up 0.3% over the quarter.
• Real household disposable income per head declined by 1%, marking the first quarterly drop in nearly two years.
• The saving ratio fell to 10.9% from 12% as consumers dipped into reserves to cover higher living costs.
• Monthly data revealed a 0.3% contraction in April, casting doubt on the rebound’s sustainability.