The UK economy has rebounded out of recession with faster-than-expected growth over the first quarter of 2024
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.
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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.”
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