England – The UK’s Office for National Statistics announced that the British economy escaped recession following growth of 0.6 percent between January and March.
The economy rebounded with faster-than-expected growth following economists expected growth of 0.4 percent following two quarters of decline, which represents a technical recession in the last half of 2023.
Commenting on the GDP numbers, Finance Minister Jeremy Hunt said: “There is no doubt that it has been a difficult few years, but today’s growth numbers are evidence that the economy is returning to full health for the first time since the (Covid 19) epidemic.”
He added: “Our economy is growing this year and we have the best prospects among the European G7 countries over the next six years, with wages growing faster than inflation, falling energy prices, and tax cuts worth £900 for the average worker who opens bank accounts.”
The performance was particularly driven by improvement in the services and production sectors, which grew by 0.7% and 0.8%, respectively.
The Office for National Statistics confirmed the quarterly performance following economic growth of 0.4% in March, supported once more by the UK services industry.
Liz McKeown, director of economic statistics at the Office for National Statistics, said: “After two quarters of contraction, the UK economy returned to positive growth in the first three months of this year.”
Source: “The Independent”
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2024-05-11 03:26:41
