It comes after two quarters of decline – which represents a technical recession – in the back half of 2023.
The UK economy rebounded out of recession with faster-than-expected growth over the first quarter of 2024, according to official figures.
The Office for National Statistics said gross domestic product (GDP) is estimated to have risen by 0.6% between January and March.
It comes after two quarters of decline – which represents a technical recession – in the back half of 2023.
A consensus of economists had predicted a 0.4% improvement for the latest quarter.
GDP grew 0.6% in Quarter 1 (Jan to Mar) 2024 after two quarters of declines.
• Services grew by 0.7%• Production grew 0.8%• Construction fell 0.9%
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— Office for National Statistics (ONS) (@ONS) May 10, 2024
ONS director of economic statistics Liz McKeown said: “After two quarters of contraction, the UK economy returned to positive growth in the first three months of this year.
“There was broad-based strength across the service industries with retail, public transport and haulage, and health all performing well.
“Car manufacturers also had a good quarter. These were only a little offset by another weak quarter for construction.”
