The U.K. economy grew at a stronger pace in the first quarter of the year ahead of the escalation of geopolitical tensions in the Middle East that triggered supply disruptions and a surge in crude oil price.
Gross domestic product increased 0.6 percent sequentially, following the fourth quarter's 0.2 percent expansion, the Office for National Statistics said. The rate matched economists' expectations.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.