Following the release of official data, it has been confirmed that the United Kingdom’s economy has exited a brief period of recession, having expanded by 0.6% during the first quarter of 2024. This growth surpassed analysts’ predictions of a 0.4% rise, according to reports.
The nation fell into a minor economic downturn during the latter part of 2023, largely due to ongoing inflationary pressures. However, despite this, the Office for National Statistics did not define the recent period as a full-blown recession, as there is no formal definition requiring two consecutive quarters of negative growth.
As the details emerge, further updates and analysis will be provided. Stay tuned for additional developments.
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