UK economy exits recession ahead of election

Gross domestic product expanded by 0.6 percent in the first three months ofthis year, the Office for National Statistics (ONS) said in a statement,beating market expectations of 0.4 percent.
The economy had suffered two successive quarters of contraction in the secondhalf of last year, meeting the technical definition of a recession on theback of elevated inflation and a cost-of-living crisis, reports BSS.
Sunak, whose governing Conservatives are trailing the main opposition LabourParty ahead of a general election, has made economic growth one of his toppriorities.
"There is no doubt it has been a difficult few years, but today's growthfigures are proof that the economy is returning to full health for the firsttime since the pandemic," said finance minister Jeremy Hunt.
"We're growing this year and have the best outlook among European G7countries over the next six years," he added.
Friday's bright news came one day after the Bank of England kept its maininterest rate at a 16-year high, but hinted at a cut over the summer as UKinflation cools further -- and forecast emergence from recession.
"After two quarters of contraction, the UK economy returned to positivegrowth in the first three months of this year," said ONS director of economicstatistics Liz McKeown.
"There was broad-based strength across the service industries with retail,public transport and haulage, and health all performing well.
"Car manufacturers also had a good quarter. These were only a little offsetby another weak quarter for construction."
GDP had shrunk by 0.3 percent in the fourth quarter of 2023 after contractingby 0.1 percent in the prior three months.