British GDP is growing and the UK is emerging from recession

British GDP is growing and the UK is emerging from recession

GDP increased by 0.6% in the first three months of 2024 compared to the previous quarter

UK 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 decrease 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 increase by 0.2% in the first quarter of 2024“. here complete (PDF, in English – 1 MB) From the report released on Friday (10 May 2024).

British Prime Minister Rishi Sunak said on X (formerly Twitter) The results represent a turning point for the British economy. We know that things are still difficult for many people, but the plan is working and we must stick to it“, he wrote.

The performance was better than expected by economists, who reported growth of 0.4% in the first quarter of this year.

The Bank of England announced on Thursday (May 9) that UK interest rates will be kept at 5.25%. The rate has remained at the same level since August, when the last increase occurred. here complete (PDF file – 4 MB, in English).

According to the report, monetary policy “It will help ensure that inflation returns to the 2% target and remains at that level.”. He says that even with “progress” In key economic data, UK. “not yet” receipt “To the point of lowering interest rates.”.

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About the Author: Camelia Kirk

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