UK GDP inched into positive territory with 0.2% growth in January, a change from December’s 0.1% fall.
The Office for National Statistics marked the services sector as the largest growth contributor for the month, rising 0.2%, but the sector had no change in the three months to January. Construction also ticked up by 1.1% in January after a 0.5% fall in December. However, production, which rose by 0.6% in December, fell 0.2% in January.
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Michael Field, European market strategist at Morningstar, said: “The UK officially entered a technical recession in the last quarter of 2023, so today’s reading could mean that we have already moved out of recession. To put this number into perspective, however, the UK economy has effectively been at a standstill for the last 12 months, with the government’s own forecasts pointing to growth of less than…
