In the heart of London, near the Bank of England, copies of the Evening Standard were seen as figures were revealed that the UK economy had fallen into a recession at the end of 2023. However, official figures released on Friday showed that the UK economy had grown by 0.6% in the first quarter, surpassing expectations of a 0.4% growth.
Economists had predicted a lower growth rate, making the news of the 0.6% increase a pleasant surprise. Despite persistent inflation affecting the economy, it was enough for Britain to come out of its shallow recession towards the end of 2023 without officially being in one for two consecutive quarters. While there is no official definition of a recession, this technical recession is now behind us.
The news of Britain coming out of recession was welcomed positively and signaled a potential turnaround for its economic situation. This is an exciting development and economists and analysts are eagerly awaiting more updates on UK economic growth as they analyze and interpret this latest data.
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