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Gross Domestic Product (GDP) grew 0.6% in the first quarter of 2024, according to new estimated figures published today by the Office for National Statistics, confirming the UK is no longer in ‘technical’ recession. East Midlands Chamber Chief Executive Scott Knowles said:
“This is the strongest indication we’ve had so far this year that the economy is on a clear path upward. Growth of 0.6% in GDP is higher than most economists had anticipated and that gives strong reassurance that not only are we free from ‘technical’ recession; we’ve now got multiple measures, like falling inflation that give confidence. While the base interest rate hasn’t yet budged, I would expect the Bank of England to bring the rate down, which could be as soon as next month.
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