Shoppers splashing out boosts economy in January

UK economy grew by 0. 2%, official figures show, boosted by sales in shops and online and more construction activity. The services sector led the improvement, the Office for National Statistics said. This is an early estimate, but signals how the UK, which entered recession at the end of 2023, is faring.

The economy shrank by 0. 3% between October and December. It had already contracted between July and September. High Street and spending in supermarkets was the biggest contributor to the monthly rise.

But falls in TV and film production, legal services and the pharmaceutical industry were offset by growth in construction. UK is in recession if it fails to grow for two successive quarters. Growing the economy was one of five key pledges that Prime Minister Rishi Sunak made last year. Office for Budget Responsibility expects the UK economy to grow by 0.

8% this year, with inflation forecast to fall below the Bank of England’s target of 2%. You can email us at HaveYourSay@bbc. co. uk.

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