Financial News: UK Exits Recession As GDP Grows Better Than

UK Exits Recession As GDP Grows Better Than Expected In Q1

05/10/2024 - 02:46:00 (RTTNews)

(RTTNews) - The UK economy exited a technical recession in the first quarter with the economic output growing better than expected led by a rebound in the services output and household spending.

Gross domestic product grew 0.6 percent from the fourth quarter, when the economy shrunk 0.3 percent, preliminary estimates from the Office for National Statistics showed Friday. Output had declined 0.1 percent in the third quarter last year.

Economists had expected the first quarter growth to come in at 0.4 percent.

GDP rose 0.2 percent year-on-year in the first quarter, beating expectations for stagnation.

The monthly GDP indicator grew 0.4 percent sequentially in March after 0.2 percent gain in February, which was revised up from 0.1 percent. In January, GDP rose 0.3 percent.

Economists had forecast a 0.1 percent increase for March.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

BoE's Broadbent Says Rate Cut Possible Some Time Over Summer (07 hr(s), 13 min(s), 36 sec(s) ago)
(RTTNews) - Bank of England's Deputy Governor Ben Broadbent said the interest rate could be cu ...Full Story»

Czech Producer Prices Rise 1.4% (07 hr(s), 38 min(s), 36 sec(s) ago)
(RTTNews) - The Czech Republic's industrial producer prices increased for the first time in fo ...Full Story»

Thailand GDP Growth Exceeds Expectations (08 hr(s), 01 min(s), 36 sec(s) ago)
(RTTNews) - Thailand's economy grew more than expected in the first quarter, driven by househo ...Full Story»

Hong Kong Jobless Rate Stable At 3.0% (09 hr(s), 21 min(s), 36 sec(s) ago)
(RTTNews) - Hong Kong's unemployment rate held steady in the February-April period, labour for ...Full Story»

Italy Construction Output Falls 1.9% (11 hr(s), 32 min(s), 36 sec(s) ago)
(RTTNews) - Italy's construction output decreased for the second straight month in March, acco ...Full Story»

China Keeps Lending Rates Unchanged As Expected (12 hr(s), 03 min(s), 36 sec(s) ago)
(RTTNews) - China central bank retained its benchmark lending rates as expected on Monday after th ...Full Story»

Taiwan Export Orders Surge 10.8%, More Than Forecast (12 hr(s), 08 min(s), 36 sec(s) ago)
(RTTNews) - Taiwan's export orders increased for the second straight month in April and at a f ...Full Story»

Malaysian Trade Surplus Shrinks In April (12 hr(s), 37 min(s), 36 sec(s) ago)
(RTTNews) - The Malaysian trade surplus decreased in April as imports grew faster than exports, da ...Full Story»