The UK’s economy grew stronger than expected at 0.6% in the first quarter of this year. However, the country’s economic growth after the COVID-19 pandemic has been slow.
Britain saw stronger than expected growth in first quarter, as it exited recession in the first quarter of 2024. This comes as the country heads to elections this year.
The gross domestic product (GDP) expanded by 0.6%, more than the 0.4% market projection in the first three months of this year, said the Office for National Statistics (ONS).
During the last two quarters of 2023, the UK economy had seen stubborn inflation and a rise in the cost of living.
GDP had shrunk by 0.3% in the fourth quarter of 2023. It had contracted by 0.1% in the third quarter of the same year.
Most economies did. But it can’t be sustainable, because like in the rest of the world the wallets are all being drained because of basic expenses like food and housing. Every company, and shareholder, only wants the number to go up. But inflation will kick their source of income in the butt eventually when people can only afford their most basic needs, if even that.