In the City of London, near the Bank of England, copies of the Evening Standard were distributed as official figures were released on Friday showing that the UK economy had grown by 0.6% in the first quarter, surpassing expectations of a 0.4% growth. The news was met with relief as economists had predicted a lower growth rate.
The UK had entered a shallow recession towards the end of 2023 due to persistent inflation affecting the economy. Despite this, there is no official definition of a recession and two consecutive quarters of negative growth are commonly considered indicators of a technical recession.
However, it appears that the UK economy has now come out of recession, as evidenced by the latest data on economic growth. This news was welcomed positively, signaling a potential turnaround for the country’s economic situation. As analysts and economists continue to analyze this development further updates are expected to be released shortly.
