British economy rebounds strongly in first quarter of the year, ending 'technical recession'
The British economy bounced back strongly in the first three months of the year, bringing to an end to what economists termed a “technical recession.”
By Ap News
Published - May 10, 2024, 02:39 AM ET
Last Updated - May 27, 2024, 12:59 AM EDT
LONDON (AP) — The British economy bounced back strongly in the first three months of the year, bringing to an end to what economists termed a “technical recession”, official figures showed Friday.
The Office for National Statistics said the economy grew by 0.6% in the first quarter from the previous three-month period, with broad-based strength across sectors. The increase was higher than the 0.4% predicted by economists.
It comes after two quarters of modest declines, which in the U.K. is defined as a recession.
Despite the quarterly increase, the British economy has barely grown over the past year. It has been hobbled by interest rates at 16-year highs of 5.25%.
