The Office for National Statistics said the period from January to the end of March marked a return to growth after a mild recession in the second half of 2023. It was the strongest rate of quarterly growth since the end of 2021, and a better performance than expected by economists, who forecast growth of 0.4% in the first quarter.
The downturn came to an end after an increase in activity across the services sector, which has flourished since the turn of the year as wages have outstripped inflation, easing pressure on consumers.
However, forecasters expect the UK to grow slowly this year as high interest rates and last year’s inflation surge continue to take their toll on disposable incomes.
The Bank of England has predicted that a lack of momentum in the economy means gross domestic product (GDP) will grow by only 0.5% this year. The Bank kept interest rates unchanged at 5.25% on Thursday, but indicated that it may begin cutting them from June.
The chancellor, Jeremy Hunt, said: “There is no doubt it has been a difficult few years, but today’s growth figures are proof that the economy is returning to full health for the first time since the pandemic.”
هذه القصة مأخوذة من طبعة May 11, 2024 من The Guardian.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 11, 2024 من The Guardian.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Palmer and Kane shine for England to step up Euro push
Gareth Southgate decided to make his move.
Welcome to hell Mourinho thrives on discomfort with Fenerbahce move a fitting sanctuary
Towards the end of the second hour, with the time beginning to drag like heat, and even the flies losing the will to live, José Mourinho leans towards the microphone.
China's Shein wins Labour support for London listing
The Labour party has indicated its support for Shein's potential London listing, as the Chinese online fashion company prepares to push the button on the UK's biggest ever stock market flotation.
German floods prove need for urgent climate action, says chancellor
The German chancellor, Olaf Scholz, said flooding in the south of the country was a call to action on the climate crisis, as the death toll from the disaster rose yesterday and thousands faced another night away from their homes.
Dutch pair face jail in Latvia after helping refugees to reach safety
Two Dutch people are facing prison sentences of up to eight years in Latvia over what they say was an act of compassion to help a group of refugees reach safety, including the sister of one of the pair.
Jury panel selection begins for Hunter Biden trial
Jury selection began yesterday in the federal gun case against the US president's son, Hunter Biden.
Gaza Militant resurgence in north highlights risk of 'forever war', experts say
There may be more Hamas militants in the north of Gaza, supposedly cleared by Israeli forces months ago, than in Rafah, the territory's southernmost city that was described by Israeli officials as the militant Islamist organisation's \"last stronghold\", analysts believe.
Gething faces no-confidence vote as scandals cut through
There was no honeymoon period and precious little breathing room for Vaughan Gething to relish the historic achievement of becoming the first black leader of a European country.
Galleries had 'kneejerk' reaction to Black Lives Matter, says artist
British arts institutions deployed \"kneejerk\" and \"stopgap\" responses in the aftermath of the Black Lives Matter movement as they attempted to avoid criticism for the lack of diversity in their collections, according to the artist Gavin Jantjes.
Zara Aleena's family tortured by thought that her death was preventable
The family of Zara Aleena, who was sexually assaulted and murdered in east London while walking home after a night out, is \"tortured\" by thoughts that her \"death was preventable\" - and that a \"crumbling justice system\" contributed to it.