UK - UK's Economy Exits Recession With 0.6% GDP Growth: El-Erian Calls For Sustainable Growth | Benzinga
The UK has successfully navigated its way out of a recession, with the gross domestic product expanding by 0.6% in the first quarter, according to official figures released on Friday.
What Happened: The Office for National Statistics revealed that the UK’s GDP grew by 0.6% in the first quarter of 2024, marking the end of a mild recession that began in the second half of 2023. The UK’s production sector saw an expansion of 0.8% during this period, while construction experienced a 0.9% decline.
On a monthly basis, the economy grew by 0.4% in March, following a 0.2% expansion in February. The Bank of England’s Monetary Policy Committee has kept its main interest rate at 5.25% due to elevated indicators of persistent inflation.
Renowned economist Mohamed A. El-Erian, Chief Advisor at Allianz, emphasized the need for sustainable growth in light of the UK’s exit from the technical recession. He stated, “The UK ...