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UK Recession Ends

UK Economy Shows Growth in First Quarter, Ending Recession

Posted on May 13, 2024
Writer: James Miller

According to the latest figures released by the Office for National Statistics, the UK economy marked a recovery in the first quarter of 2024, ending two-quarters of modest declines. 

The economy expanded by 0.6%, surpassing the forecasts of a 0.4% increase and signaling the strongest growth since late 2021.

The recent uplift was driven primarily by the services sector.

Despite this quarterly rise, overall annual growth remains sluggish, limited by high interest rates of 5.25%. 

The Bank of England hinted at possible rate cuts in June if inflation continues to decrease, offering a potential boost to the economy.

For more information, read the full article on AP News.

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