GDP up 0.6% in first three months of 2024 compared to previous quarter
The UK's GDP grew by 0.6% in the first quarter of 2024 compared to the previous quarter. As a result, the British economy emerged from recession. The index recorded a decline of 0.3% in the fourth quarter (October to December) and 0.1% in the third quarter (July to September) of 2023.
The Office for National Statistics (ONS) said that compared to the same quarter last year,GDP is expected to rise by 0.2% in the first quarter of 2024.“. here complete (PDF, in English – 1 MB) From the report issued on Friday (May 10, 2024).
British Prime Minister Rishi Sunak said on X (formerly Twitter) The results represent a turning point for the British economy. “We know things are still difficult for many people, but the plan is working and we have to stick to it.“, books.
The performance was better than expected by economists, who had spoken of growth of 0.4% in the first quarter of this year.
The Bank of England announced on Thursday (May 9) that it would keep interest rates in the United Kingdom at 5.25%. The rate has remained at the same level since August, when the last increase took place. Here complete (PDF file – 4 MB, in English).
According to the report, monetary policy “It will help ensure that inflation returns to and stays at the 2% target.”He says that even with “progress” In key economic data, UK. “not yet” It arrived “to the extent of lowering interest rates”.
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.