Economy grew in February increasing hopes UK is out of recession
New statistics from the ONS show the UK economy grew slightly in February, boosting hopes the country is on its way out of recession.
The economy grew by 0.1% official figures show, boosted by production and manufacturing in areas such as the car industry,
The ONS said that construction was dampened by wet weather though.
It’s an early estimate but it shows the UK, which entered recession at the end of 2023, is faring.
Liz McKeown, director of economic statistics at the ONS, said that looking across the three months to February as a whole, the economy grew for the first time since last summer.
‘UK economy is turning corner’
Chancellor Jeremy Hunt has said the new figures were a “welcome sign that the economy is turning a corner”.
“We can build on this progress if we stick to our plan,” he added.
But Labour’s shadow chancellor Rachel Reeves said “Britain is worse off with low growth and high taxes.”
She added: “The Conservatives cannot fix the economy because they are the reason it is broken.”
Most economists, politicians and businesses like to see gross domestic product (GDP) overall rising steadily because it usually means people are spending more, extra jobs are created, more tax is paid and workers get better pay rises.