GDP data for February shows a growth in the economy, sparking optimism that the UK might be emerging from recession.

The UK economy showed a slight growth in February, raising hopes of its recovery from recession. Official figures indicate a 0.1% expansion, driven by production and manufacturing sectors such as the car industry. However, construction was hindered by adverse weather conditions, according to the Office for National Statistics (ONS).

Although this data is an early estimate, it provides insights into the UK’s economic performance following its entry into recession at the end of 2023. Liz McKeown, ONS’s director of economic statistics, noted that over the three months leading to February, the economy experienced growth for the first time since the previous summer.

Chancellor Jeremy Hunt welcomed the figures as a positive indication of economic turnaround, emphasizing the importance of adhering to the government’s plan for sustained progress.

The growth of the economy was a cornerstone pledge of Prime Minister Rishi Sunak, amidst challenges posed by increased prices and interest rates for consumers and businesses. In contrast, Labor shadow chancellor Rachel Reeves criticized the Conservatives, arguing that low growth and high taxes are detrimental to Britain’s economic well-being, attributing the current state of the economy to the governing party.