In the heart of London, near the Bank of England, copies of the Evening Standard are being sold following a recent announcement that Britain’s economy emerged from a recession in the first quarter of 2023. The U.K. economy had slipped into a recession at the end of 2023 due to persistent inflation that had been weighing it down in the second half of that year. While there is no official definition for a recession, economists widely agree that two consecutive quarters of negative growth indicate a technical recession.
The news that Britain’s economy has now rebounded from its recession with an impressive 0.6% increase in gross domestic product in the first quarter is positive news for the country’s economic outlook. This growth exceeded expectations as economists had predicted only a 0.4% increase from the previous quarter.
This breaking news story will continue to be updated as more information becomes available, but for now, it serves as a hopeful sign for future growth and recovery in the U.K. economy.