The UK economy has recovered significantly in the first three months of 2024, emerging from the so-called technical recession. This is reported by AP.
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The United Kingdom Office for National Statistics said that the economy grew by 0.6% in the first quarter quarter compared with the previous three-month period, with growth across all industries, particularly in the critical services sector.
This growth was higher than the 0.4% expected by economists and the strongest since the fourth quarter of 2021, when the economy was recovering from a sharp fall during the coronavirus pandemic.
This came after two quarters of moderate decline, which in the UK is defined as a recession. Despite quarterly growth, the country's economy has barely grown over the past year.
However, economists have expressed hope that with lower inflation and interest rates, the British economy could enter a period of more sustainable growth.