Some positive (and surprising for those economists out there) news this morning, with Q1 2024 GDP growth coming in at 0.6%. It seems to be pretty broad based as well which is another positive. One measure that you don't see quoted that often is the GDP growth per head - a good bellwether for living standards, which is increasing too.
This comes a day after the Bank of England kept the base interest rate at 5.25% - with more guessing games in the press about when it may start to go down. One thing that the past two years has taught us is that we need to be cautious with what economists say!
With an election in our midst, one thing for certain is that for Jeremy Hunt there is finally some good economic news.
The UK has powered its way out of last year’s recession, new figures show, after the economy grew much faster than expected in March. According to figures from the Office for National Statistics (ONS), the UK economy grew 0.4 per cent on a monthly basis, bringing its total growth in the first quarter to 0.6 per cent. Economists had expected the economy to grow just 0.1 per cent in March, which would have brought the quarterly growth rate to 0.4 per cent after growth in January and February.
https://www.cityam.com/recession-over-as-uk-economy-grows-faster-than-expected-in-first-quarter/
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