Figures published by the Office for National Statistics on 10 May 2024 show that the UK has officially exited recession.
UK gross domestic product (GDP) is estimated to have increased by 0.6% in Quarter 1 (Jan to Mar) 2024, following declines of 0.3% in Quarter 4 (Oct to Dec) and 0.1% in Quarter 3 (July to Sept) 2023. The UK had entered a period of recession after its GDP had shrunk for more than two quarters in a row.
To read more, see: https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/januarytomarch2024
The UK’s economic growth is set to slow more than expected, according to the Organisation for Economic Co-operation and Development (OECD), which has downgraded its forecast for 2025 to 1.3%, down from 1.4% earlier this year.
The government has published details of a new emissions cutting trial that could benefit UK pubs, cafes, restaurants and hotels.