UK Economy Exits From Recession With Stronger-Than-Expected Growth

The UK economy moved out from its recession on Friday, with gross domestic product (GDP) expanding by a robust 0.6% in the first quarter of this year.

This growth surpasses economists' expectations, who had estimated a more conservative 0.4% uptick.

Prime Minister Rishi Sunak hailed the data as evidence that the nation is on a positive trajectory.

"We know things are still tough for many people, but the plan is working, and we must stick to it," Sunak affirmed, referencing the government's economic strategy.

The GDP growth marks a significant turnaround for the UK, which had grappled with economic contraction in the preceding quarters.

"There was broad-based strength across the service industries with retail, public transport and haulage, and health all performing well," Office for National Statistics (ONS) Director of Economic Statistics Liz McKeown said.

"Car manufacturers also had a good quarter. These were only a little offset by another weak quarter for construction," she added.

"In the month of March the economy grew robustly led, again, by services with wholesalers, the health sector, and hospitality all doing well," she noted.

In February, a recession was officially declared, marking two consecutive quarters of economic contraction. This downturn was highlighted by a 0.3% shrinkage in GDP between October and December, following a 0.1% decline from July to September.

Factors contributing to this downturn included diminished consumer spending power due to high inflation and soaring energy bills. -