the UK economy It overcame last year’s recession with GDP growth of 0.6% First quarter of 2024The Office for National Statistics (ONS) reported on Friday.
British GDP contracted by 0.1% in the third quarter of last year and by 0.3% in the fourth quarter. Economists believe that two consecutive quarters of contraction represent a… Technical stagnation.
The recovery in the economy in the first quarter of the year was more pronounced than expected by experts, who expected an advance of 0.4 percent.
Britain’s central bank, the Bank of England, was also more pessimistic in its forecast, also at 0.4%.
he Bank of EnglandThe bank, which raised key interest rates 14 times between December 2021 and last September, maintained its direct interest rate at 5.25 percent on Thursday.
But the institution said it was “optimistic” in the face of A Low inflationWhich will allow you to lower interest rates in the coming months and thus reduce the economic burden on homes and businesses.
Although “things are still difficult for a lot of people,” the British economy is “starting to improve,” the Prime Minister congratulated himself on Friday, Rishi Sunak.
“We are confident that growth will continue for the rest of the year, driven by a favorable economic context,” especially low inflation and rising wages, estimates Yael Selvin, an economist at KPMG.
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