UK Economy Rebounds with Positive Growth in First Quarter of 2023″.

The UK economy managed to avoid a recession as it grew by 0.6 per cent in the first quarter of the year, according to the Office for National Statistics. This growth exceeded expectations after economists had predicted a 0.4 per cent improvement. The return to positive growth in the UK economy was largely driven by strength in service industries such as retail, public transport, haulage, and health.

Chancellor Jeremy Hunt expressed optimism about the state of the economy. He noted that despite the challenges of the past few years, the growth figures indicate that the economy is on track to recover fully for the first time since the pandemic. Hunt highlighted positive trends such as wage growth outpacing inflation, falling energy prices, and tax cuts that will benefit the average worker. Liz McKeown, director of economic statistics at ONS, pointed out that this growth comes after two consecutive quarters of decline which led to a technical recession in latter part of 2023.

Overall, this indicates signs of recovery in various sectors contributing to growth. The Chancellor’s remarks and analysis from ONS highlight positive trends and provide hope for continued economic improvement in future quarters.