The UK economy managed to break free from a period of technical recession in the first quarter thanks to stronger than anticipated growth. This growth was primarily driven by an upswing in the output of services and increased household spending.
According to initial estimates from the Office for National Statistics released on Friday, the gross domestic product saw a 0.6 percent increase compared to the last quarter, when the economy recorded a 0.3 percent contraction. In the third quarter of the previous year, output had decreased by 0.1 percent.
Experts had predicted a growth of 0.4 percent for the first quarter.
Meanwhile, on a year to year basis, the GDP in the first quarter showed an increase of 0.2 percent, outpacing predictions of a flat growth trend.
As for the monthly GDP indicator, it experienced growth of 0.4 percent in March subsequent to a 0.2 percent increase in February. This figure was an upward revision from the originally reported 0.1 percent. In contrast, the GDP in January saw an uptick of 0.3 percent.
Economists had anticipated a meager 0.1 percent increase for the month of March.
