the UK Economy It overcame recession last year with GDP growing by 0.6% in Q1 2024The Office for National Statistics (ONS) reported on Friday.
Britain’s gross domestic product shrank by 0.1% in the third quarter of last year and by 0.3% in the fourth. Economists consider two consecutive quarters of contraction to be a Artistic stagnation.
The recovery in the economy in the first quarter of the year was more pronounced than expected by experts, who had forecast an increase of 0.4 percent.
The Bank of England, Britain’s central bank, 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 overnight rate at 5.25 percent on Thursday.
But the foundation said it was “optimistic” in the face of a low inflationWhich will allow you to lower interest rates in the coming months and thus ease the economic burden on homes and businesses.
Although “things are still tough for many people”, the British economy has “improved”, 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, according to estimates by Yael Silvin, an economist at KPMG.
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