Exit from ‘Technical’ Recession Welcomed by East Midlands Chamber

Gross Domestic Product (GDP) grew 0.6% in the first quarter of 2024, according to new estimated figures published todayby the Office for National Statistics, confirming the UK is no longer in 'technical' recession.

East Midlands ChamberChief Executive Scott Knowles said:

"This is the strongest indication we've had so far this year that the economy is on a clear path upward. Growth of 0.6% in GDP is higher than most economists had anticipated and that gives strong reassurance that not only are we free from 'technical' recession; we've now got multiple measures, like falling inflation that give confidence. While the base interest rate hasn't yet budged, I would expect the Bank of England to bring the rate down, which could be as soon as next month.

"Across the East Midlands the data has been bolstered further in our recent Quarterly Economic Surveyfindings where respondents forecast improving turnover, profit expectation and orders for this year.

"With signs that we're turning the corner, the government must listen to the needs of industry and implement the asks outlined in our Manifesto for Growth 2024that defines the reform needed for businesses to thrive in the East Midlands."