UK Economy Comes Out Of Recession With High Growth Rate In 2024 First Quarter

UK Economy: Britain's economy has come out of recession after three years. During the first quarter of 2024, from January to March, Britain's economy grew at the rate of 0.6 percent. Britain's economy slipped into recession in the second half of last year. The biggest beneficiary of Britain's economy coming out of recession will be Prime Minister Rishi Sunak, who will have to face elections soon.

On Friday, May 10, 2024, Britain's Office for National Statistics said, the GDP growth rate of the UK economy during the first quarter of January to March of 2024 has been 0.6 percent, which will be 1.5 percent in the fourth quarter of 2021. Highest after GDP figures. Britain's GDP growth figures in the first quarter have missed all estimates. In the first quarter of 2023, Britain's GDP growth rate was negative at -0.3 percent. Per capita GDP in Britain has also seen an increase for the first time in two years.

According to the data, in March 2024 itself, Britain's economy has grown at the rate of 0.4 percent. Prime Minister Sunak has welcomed Britain's exit from recession and this GDP data. He said that the economy has taken a big turn. However, the opposition Labor Party, which is leading in the opinion polls, criticized Prime Minister Sunak and Finance Minister Jeremy Hunt and said that the economy is beyond their control.

Finance Minister Jeremy Hunt said, the last few years have been difficult but today's figures testify that Britain's economy is getting back on track for the first time since the Corona epidemic. Earlier on Thursday, the Bank of England, which is Britain's central bank, has kept the interest rates at a 16-year high. The Bank of England has estimated GDP to be 0.4 percent in the first quarter and 0.2 percent in the second quarter.

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