In the heart of London, near the Bank of England, copies of the Evening Standard are being sold following the positive news that Britain’s economy has emerged from a recession. The U.K. economy has seen a 0.6% increase in gross domestic product in the first quarter, surpassing expectations as economists had predicted only a 0.4% increase from the previous quarter.
The recession had been triggered by persistent inflation that had been weighing down the economy in the second half of 2023. While there is no official definition of a recession, it is widely understood that two consecutive quarters of negative growth indicate a technical recession. The positive growth seen in the first quarter of this year suggests that the U.K. economy is moving in the right direction and beginning to recover from the challenges it faced previously.
This breaking news story will be updated with more information as it becomes available, and this positive sign for Britain’s economic outlook offers hope for future growth and recovery.