The UK economy had been struggling in recent times as it entered a recession towards the end of 2023. However, official figures released on Friday brought some good news as the UK economy grew by 0.6% in the first quarter, beating 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, this positive turn of events signaled a potential turnaround for the country’s economic situation.
While there is no official definition of a recession, two consecutive quarters of negative growth are commonly considered indicators of a technical recession. The UK had met this criteria and officially entered a recession towards the end of 2023. However, with this latest development, it seems that the country may be coming out of it soon.
This is a developing story and more updates are expected to be released shortly as economists and analysts analyze the latest data on UK economic growth.
