Gross domestic product (GDP) is estimated to have risen by 0.2 per cent in January, following a decline of 0.1 per cent in December, the Office for National Statistics (ONS) said
The UK economy returned to growth at the start of the year, according to official figures, allaying fears the country's recession would continue into the first quarter of 2024. Gross domestic product is estimated to have risen by 0.2% in January, following a decline of 0.1% in December, the Office for National Statistics said. This comes after a strong month for retail sales and improved activity for housebuilders helped drive growth in January.
The latest statistics indicate the economy could be turning a corner after it dipped into a technical recession at the end of last year. Liz McKeown, director of economics statistics at the ONS, said: 'The economy picked up in January with strong growth in retail and wholesaling. 'Construction also performed well with housebuilders having a good month, having been subdued for much of the last year.
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