International Business

Britain’s GDP Up From 1993: Gross domestic product grew 0.7% in the first quarter of 1994 from the final quarter of 1993, giving a year-on-year growth rate of 2.6%, the Central Statistical Office said. Excluding oil and gas output, the economy grew by 0.6% in the first quarter and 2% year-on-year. Economists said growth was on target to hit the government’s 2.5% forecast for 1994, though some were still concerned about the likely effect of April’s tax increases on consumer spending, which accounts for roughly two-thirds of British GDP.