U.K. bounces back from recession with fastest growth in nearly three years [Fortune]
HSBC Holdings, plc. (HSBC)
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Source: Fortune
Gross domestic product jumped 0.6% in the first quarter compared to the previous three months, the Office for National Statistics said Friday. That was the best reading since late 2021, when the UK loosened lockdown restrictions, and higher than the 0.4% expansion forecast by economists. Shoppers returned to stores, and a lack of strikes boosted transport in the first quarter. Business investment also was much stronger than expected. Growth in the month of March alone was 0.4%, well above expectations due to a bounce back in both services and manufacturing. “The worst is behind the UK economy,” said Yael?Selfin, chief economist at KPMG UK. “Forward-looking indicators point to further momentum in the coming months.” The pound slightly extended gains after the data, but the move was soon pared. The currency was up less than 0.1% to $1.2533. The figures marked a decisive end to the mildest recession in almost 70 years — a decline of 0.4% peak-to-trough in the second half of last
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