The British economy saw its most significant growth in nearly three years during the first quarter of 2024, signalling the conclusion of the recent recession.
According to the Office for National Statistics (ONS), there was a 0.6 percent increase in gross domestic product from January to March, marking the highest growth rate since late 2021.
Analysts had forecasted a 0.4 percent expansion, following a 0.3 percent decline in the preceding quarter.
Prime Minister Rishi Sunak expressed his satisfaction with the news, asserting that the economy had "turned a corner," whereas the opposition Labour Party chastised the government for being disconnected from the economic realities faced by voters.
Finance minister Jeremy Hunt said, “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.”
“We’re growing this year and have the best outlook among European G7 countries over the next six years,” he said.
The announcement coincided with the Bank of England's decision to maintain its main interest rate at a 16-year high. The Bank projected a growth of 0.4 per cent for the first quarter and a more modest increase of 0.2 per cent for the subsequent quarter.
