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Headline : UK Economy Shows Signs of Recovery, Exiting Recession

Read more from the original article on here at bmmagazine.co.uk.





Tags : #uk #economy #shows #signs #recovery #exiting #recession


No. of Paragraph 11

According to Lloyds Bank figures, more than half of the sectors within the UK economy experienced growth in the first quarter of the year. Notably, services businesses, which contribute around 70% of the UK’s economic output, showed strong growth. Sectors such as software services, financial services, and real estate saw significant expansion, surpassing the threshold for growth.

Although manufacturing businesses trailed behind, certain sub-sectors such as food and drink, chemicals, household products, and industrial goods recorded robust activity.

The research indicates that the Office for National Statistics (ONS) is likely to confirm the end of the recession with the release of new GDP data on Friday. City analysts anticipate a 0.4% growth in GDP for the first quarter, following contractions in the third and fourth quarters of last year.

Nikesh Sawjani, senior UK economist at Lloyds Bank, emphasized the role of slowing inflation and rising demand in driving growth in the first quarter, expressing hope for continued momentum.

Read more from the original article on here at bmmagazine.co.uk.


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