Financial news
Home
Knowledge Hub
UK exits recession with better-than-expected 0.6% GDP growth
2024-05-10 13:58:15

By Suban Abdulla and David Milliken


LONDON (Reuters) -Britain's economy grew by the most in nearly in three years in the first quarter of 2024, ending the shallow recession it entered in the second half of last year and delivering a boost to Prime Minister Rishi Sunak ahead of an election.


The Office for National Statistics said gross domestic product expanded by 0.6% in the three months to March, the strongest expansion since the fourth quarter of 2021 when it grew by 1.5%.


A Reuters poll of economists had pointed to a 0.4% expansion of gross domestic product in the January-to-March period, after GDP shrank by 0.3% in the final quarter of 2023.


Friday's data will be welcome news for Sunak who said the economy had "turned a corner", although the opposition Labour Party, which has a large lead in opinion polls, has accused Sunak and finance minister Jeremy Hunt of being out of touch to think voters are feeling better off.


"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," Hunt said.


The Bank of England, which held interest rates at a 16-year high on Thursday, forecast quarterly growth of 0.4% for the first quarter of this year and a smaller 0.2% rise for the second quarter.


Sterling strengthened against the U.S. dollar immediately after the figures were released.


On a monthly basis, the economy grew by 0.4 % in March, faster than the 0.1% growth forecast by economists in a Reuters poll.


Britain remains one of the slowest countries to recover from the effects of the coronavirus pandemic.


At the end of the first quarter of 2024, the country's economy was just 1.7% bigger than its level in late 2019, before the pandemic, with only Germany among the G7 faring worse.

CREATE ACCOUNT

×
1
Personal Identification
2
Address Verification
3
Employment & Financial Profile
4
Trading Experience & Risk Awareness
5
Professional Account Eligibility
6
Source of Funds & Compliance
7
Corporate Entity Information
8
Review & Submit

Personal Identification

Please enter a valid email address.
Please enter a valid phone number.
Your password must be 6-20 characters long, contain letters, numbers and special characters, and must not contain spaces or emoji.
Password not match.
This field is required
This field is required
This field is required
This field is required
This field is required
This field is required
This field is required
This field is required
This field is required

Address Verification

This field is required
This field is required
This field is required

Employment & Financial Profile

This field is required
This field is required
This field is required
This field is required
(excluding property) (USD)
This field is required

Trading Experience & Risk Awareness

This field is required
This field is required
This field is required
This field is required

Professional Account Eligibility (Optional)

Source of Funds & Compliance

This field is required

Corporate Entity Information

Complete this section only if you're opening a corporate account

Review & Submit

Please review all information carefully before submitting. You can go back to any step to make changes.
This field is required
This field is required
This field is required

Registration Successful

Your account has been created successfully!