economy The UK has overcome last year’s recession with GDP growing by 0.6% in the first quarter of 2024.The Office for National Statistics reported on Friday.
(Read: UK enters recession at end of 2023.)
UK GDP shrank by 0.1% in the third quarter of last year and by 0.3% in the fourth quarter.
Economists consider two consecutive quarters of contraction to constitute a technical recession.
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The economic recovery in the first quarter of the year was more pronounced than expected by experts, who had forecast a 0.4% advance.
Bank of England, The Bank of England was also more pessimistic in its forecast, also recording a rate of 0.4%.
The Bank of England, which raised key interest rates 14 times between December 2021 and last September, maintained its benchmark interest rate at 5.25% on Thursday.
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But the institution said “Hopeful” In the face of declining inflation, which will allow it to cut interest rates in the coming months and thus ease the economic burden on households and businesses.
Despite “Things are still difficult for a lot of people.”British economy “He took a turn.”Prime Minister Rishi Sunak congratulated himself on Friday.
“We are confident that growth will continue for the rest of the year, driven by the favourable economic context.”Especially falling inflation and rising wages, according to estimates by Yael Silvin, an economist at KPMG.
Agence France-Presse
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