UK economic system bounces again with 0.2% development in January

Jeremy Hunt was respiration a sigh of aid right now after the UK economic system bounced again from recession in January.

GDP rose by 0.2 per cent within the first month of the yr, after slipping right into a technical recession on the finish of 2023.

The January determine was largely consistent with the expectations of analysts, and in comparison with a dip of 0.1 per cent in December.

The Chancellor has been signalling optimism concerning the prospects for the economic system, pointing to easing inflation. 

Capital Economics mentioned the figures had been an indication ‘the UK economic system could have already got moved out of recession’. 

GDP rose by 0.2 per cent within the first month of the yr, after slipping right into a technical recession on the finish of 2023

Jeremy Hunt was respiration a sigh of aid right now after the UK economic system bounced again from recession in January

Services output was the primary driver of the development, rising 0.2 per cent in January after a fall of 0.1 per cent in December.

Construction output additionally grew 1.1 per cent following a drop of 0.5 per cent. 

It comes after a separate Office for National Statistics snapshot yesterday confirmed wages rising sooner than costs, whereas the roles market seems comparatively steady.