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  5. UK economy emerges from recession with strongest growth in two years

UK economy emerges from recession with strongest growth in two years

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The UK's economy has exited a shallow recession, with gross domestic product (GDP) increasing by 0.6% in the first quarter of 2024, according to the Office for National Statistics (ONS). This growth is driven by the services sector, which has flourished since the start of the year. The 0.6% increase is a better performance than expected by economists and marks the strongest rate of quarterly growth since 2021. The economy had shrunk for two consecutive quarters at the end of last year, meeting the technical definition of a recession due to elevated inflation. Prime Minister Rishi Sunak has described the economy's performance as "gangbusters" in the first quarter.

  1. Jeremy Hunt
    House of Commons
    1. There is no doubt it has been a difficult few years, but today's growth figures are proof that the economy is returning to full health for the first time since the pandemic.
    2. We're growing this year and have the best outlook among European G7 countries over the next six years.
  2. Andrew Bailey
    Missouri Supreme Court
    1. We need to see more evidence that inflation will stay low before we can cut interest rates.
  3. GB
    Rishi Sunak
    Conservative Party
    1. And I get that. And that's why I'm keen to stick to our plan and keep delivering for people. But I think today's figures show that we now have momentum.
  4. GB
    Rachel Reeves
    Labour Party
    1. This is no time for Conservative ministers to be doing a victory lap and telling the British people that they have never had it so good. The economy is still £300 smaller per person than when Rishi Sunak became prime minister.
    2. From no growth to low growth -- is that really the scale of the Conservatives' ambitions? Food prices are still high, families are paying more on their monthly mortgage bills and working people are worse off.
  5. Richard Carter
    Quilter
    1. The UK is clearly entering a more optimistic period.
    2. The government will be hoping to take advantage of this in the lead up to the general election, however, there are still factors, such as productivity and manufacturing struggles, that will weigh on economic growth for some time.

Bank of England

  1. Bank of England cuts interest rate from 16-year high
  2. UK inflation falls to 2.3%
  3. UK economy contracts in Q4, officially enters recession

sources

  1. 1.The Times
  2. 2.The New York Times
  3. 3.France 24
  4. 4.The Guardian
  5. 5.Times

perspectives

  1. 1.Inflation
  2. 2.British Politics
  3. 3.UK under Rishi Sunak
  4. 4.Central Bank
  5. 5.British Economy
  6. 6.UK under Liz Truss

countries

  1. 1.GermanyDE
  2. 2.United KingdomGB
  3. 3.IrelandIE
  4. 4.Russian FederationRU
  5. 5.UkraineUA

organizations

  1. 1.Office for National Statistics
  2. 2.Bank of England
  3. 3.European Union
  4. 4.Conservative Party
  5. 5.McKinseyUS
  6. 6.Capital EconomicsGB
  7. 7.National Health ServiceGB
  8. 8.Labour Party
  9. 9.European Central Bank
  10. 10.Multi-Party Charter
  11. 11.Federal Reserve SystemUS
  12. 12.Organization for Economic Cooperation and Development

persons

  1. 1.Jeremy Hunt
  2. 2.Rachel ReevesGB
  3. 3.Rishi SunakGB
  4. 4.Andrew Bailey
  5. 5.Ruth Gregory
  6. 6.Eshe Nelson
  7. 7.Richard Carter
  8. 8.Tera Allas

technicals

  1. 1.Eurozone
UK economy emerges from recession with strongest growth in two years