The U.K. economy has emerged from a recession, with official figures showing a 0.6% increase in gross domestic product in the first quarter of 2024. This growth exceeded expectations, as economists had predicted only a 0.4% increase from the previous quarter.
The recession had been triggered by persistent inflation that had been weighing down the economy in the second half of 2023. While there is no official definition of a recession, it is widely understood that two consecutive quarters of negative growth indicate a technical recession. The positive growth seen in the first quarter of this year indicates that the U.K. economy is moving in the right direction and beginning to recover from the challenges it faced previously.
Outside the Bank of England in the City of London, copies of the Evening Standard are being sold following this breaking news story. Updates will be provided shortly as more information becomes available. The news of the U.K. economy rebounding from a recession is a positive sign for the country’s economic outlook and offers hope for future growth and recovery.