The latest data released by the Office for National Statistics (ONS) on Wednesday reveals that the United Kingdom’s gross domestic product (GDP) experienced a growth of 0.2 percent in April.
This positive development can be attributed to a resurgence in consumer spending and a decrease in strikes. Analysts, including Ruth Gregory, an economist at Capital Economics, suggest that these figures raise hopes of the economy avoiding a recession this year.
However, the International Monetary Fund (IMF) had previously predicted a contraction in the UK economy for this year.
The current global uncertainties have contributed to a bleak outlook not only for the UK but also for the European Union (EU) as a whole. These factors emphasize the challenging circumstances faced by both economies in the midst of ongoing global uncertainties.
