UK officially out of recession due to growth

The UK economy is experiencing a rebound in economic growth after two quarters of decline in 2023, meaning it is officially out of recession.

According to official figures from the Office for National Statistics, the UK economy saw faster-than-expected growth of 0.6% in the first quarter of 2024.

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The positive growth was driven by improvements in the services and production sectors, with retail, public transport, health, and car manufacturers performing well.

Construction output, however, fell during the month, but its 0.4% drop represented a significant reduction in decline after a 2% fall in February.

Experts are optimistic about the UK's economic recovery, with Ben Jones from the CBI saying that the data suggests the UK is "now on the road to recovery."

Chancellor Jeremy Hunt said:

“There is no doubt it has been a difficult few years, but today’s growth figures are proof that the economy is returning to full health for the first time since the pandemic.

“We’re growing this year and have the best outlook among European G7 countries over the next six years, with wages growing faster than inflation.”

Labour’s shadow chancellor Rachel Reeves said:

“This is no time for Conservative ministers to be doing a victory lap and telling the British people that they have never had it so good.

“The economy is still £300 smaller per person than when Rishi Sunak became Prime Minister.”