UK GDP Growth Marks Slow Recovery From Technical Recession

Economic growth in January has marked a sluggish recovery from the technical recession the UK had entered at the end of last year. Monthly GDP grew by 0.2 percent in January, following a 0.1 percent drop in December 2023, official figures showed. Chancellor Jeremy Hunt welcomed the GDP data, published by the Office of National Statistics. “The last few years have been tough, but today’s figures show that with inflation more than halved, we’re now making progress in growing the economy,” he said on social media platform X. While the Treasury focused on lowering the stubbornly high inflation rate in the past two years, it struggled to boost GDP growth. After two consecutive months of negative growth at the end 2023, the UK entered a technical recession....