UK out of recession

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.

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.