The
UK
economy
grew
by
more
than
expected
in
March
and
in
the
first
quarter
of
2024,
exiting
an
apparent
technical
recession,
official
figures
showed
today.
UK
gross
domestic
product
increased
by
0.4%
in
March
from
February,
the
Office
for
National
Statistics
reported.
This
was
ahead
of
FXStreet-cited
market
consensus
of
0.1%
growth.
UK
gross
domestic
product
(GDP)
had
expanded
by
0.2%
on-month
in
February,
according
to
revised
data
from
the
ONS.
In
the
first
quarter
of
2024,
GDP
is
estimated
to
have
grown
by
0.6%,
beating
expectations
of
a
0.4%
increase
and
following
a
0.3%
decline
in
the
fourth
quarter
of
2023
and
a
0.1%
decline
in
the
third
quarter.
These
combined
third
and
fourth
quarter
figures
were
enough
to
push
the
UK
into
a
technical
recession,
usually
classed
as
two
or
more
consecutive
quarters
of
negative
GDP
growth.
Compared
with
the
same
quarter
a
year
ago,
GDP
rose
0.2%.
The
ONS
also
said
that
industrial
production
increased
by
0.2%
in
March
from
February.
It
was
expected
to
decline
by
0.5%,
according
to
FXStreet.
Production
had
risen
by
1.0%
in
February
from
January.
On
an
annual
basis,
industrial
production
improved
by
0.5%
in
March,
having
risen
by
1.0%
a
month
earlier.
Data
on
Friday
also
showed
the
UK
trade
deficit
narrowed
to
£1.10
billion
in
March
from
£2.29
billion
in
February,
as
imports
fell
at
a
faster
pace
than
exports.
The
value
of
goods
imports
declined
by
2.5%
in
March,
because
of
lower
imports
of
machinery
and
transport
equipment
and
fuels.
The
value
of
goods
exports
decreased
by
1.3%,
with
a
fall
in
exports
to
non-EU
countries
partially
offset
by
a
rise
in
exports
to
the
EU.
By
Greg
Rosenvinge,
Alliance
News
senior
reporter
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