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Britain Emerges From Recession With January Growth Propelled by Construction Boom
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This growth indicates that the British economy, which slowed in the latter half of last year, is making a shallow recovery."> <meta name="twitter:url" content="https://intelligence.eventackle.com/britain-emerges-from-recession-with-january-growth-propelled-by-construction-boom/"> <meta name="twitter:image" content="https://intelligence.eventackle.com/content/images/2024/03/PTS--3-.png"> <meta name="twitter:label1" content="Written by"> <meta name="twitter:data1" content="Farhana Bashir"> <meta name="twitter:label2" content="Filed under"> <meta name="twitter:data2" content=""> <meta name="twitter:site" content="@x.com"> <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="675"> <script type="application/ld+json"> { "@context": "https://schema.org", "@type": "Article", "publisher": { "@type": "Organization", "name": "Eventackle | Intelligence", "url": "https://intelligence.eventackle.com/", "logo": { "@type": "ImageObject", "url": "https://intelligence.eventackle.com/content/images/2024/07/Intelligent_logo.png" } }, "author": { "@type": "Person", "name": "Farhana Bashir", "image": { "@type": "ImageObject", "url": "https://intelligence.eventackle.com/content/images/2020/10/917621-jk-photo-reuters.jpg", "width": 1200, "height": 675 }, "url": "https://intelligence.eventackle.com/author/farhana/", "sameAs": [] }, "headline": "Britain Emerges From Recession With January Growth Propelled by Construction Boom", "url": "https://intelligence.eventackle.com/britain-emerges-from-recession-with-january-growth-propelled-by-construction-boom/", "datePublished": "2024-03-15T05:02:33.000Z", "dateModified": "2024-03-15T05:04:37.000Z", "image": { "@type": "ImageObject", "url": "https://intelligence.eventackle.com/content/images/2024/03/PTS--3-.png", "width": 1200, "height": 675 }, "description": "March 13, London: According to the latest figures released by the Office for National Statistics (ONS), the U.K.GDP has experienced a slight increase of 0.2% in January followed by a 0.1% decline in December. This growth indicates that the British economy, which slowed in the latter half of last year, is making a shallow recovery.\n\nThe construction sector has been one of the most important contributors to this growth as it faced a remarkable rebound with growth of 1.1% in January. 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This growth indicates that the British economy, which slowed in the latter half of last year, is making a shallow recovery.</p><p>The construction sector has been one of the most important contributors to this growth as it faced a remarkable rebound with growth of 1.1% in January. However, this was limited by a 0.9% decline over the past three months. The services sector, which is the most dominant sector in the UK, witnessed a 0.2% increase in January making a significant contribution to overall growth whereas the production output fell 0.2% over the same period.</p><p>Although registering a monthly growth consistently, The GDP was assessed to contract 0.3% compared with the same period last year with a 0.1% decline over the three months to January 2024.</p><p>In a conversation with CNBC’s “Squawk Box Europe”, Jack Meaning, Chief U.K. economist at Barclays while commenting on the figures said that, “not a hugely positive picture, but it’s ahead of where we were at the end of last year.”</p><p>He also stated that “Industrial and manufacturing have been weak for the last few prints, you’d expect some bounce-back from that in the end. This is good to see, but we’ll have to see it on a more prolonged basis to know that it is something sustained.”</p><p>James Smith, Developed Market Economist at ING, cited in a note that the latest figures are consistent with a forecast for a “gradual recovery in activity” in the coming months.</p><p>“We think the decline in overall fourth quarter GDP, which marked the second consecutive quarter of negative growth and therefore a technical recession, is unlikely to be repeated in the first quarter of 2024,” Smith added further.</p><p>Following the release by ONS, the British pound was slightly declined against the US dollar and the euro. 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