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The British economy will grow at the start of the year

The British economy will grow at the start of the year

At the start of the year the British economy rebounded. In January, gross domestic product (GDP) increased by 0.2 percent compared to December, the ONS statistics office reported in London on Wednesday. Analysts on average expected this after economic output fell 0.1 percent in December.

However, overall growth remains weak, the three-month average shows: From November to January, GDP fell 0.1 percent.

The British economy has long been growing more slowly than many Western industrialized countries. Prime Minister Rishi Sunak, whose Conservatives are lagging far behind the opposition Labor Party in opinion polls, has made boosting the economy one of his top goals. Britons must elect a new parliament by January 2025.

Recent positive growth in the economy has been driven by the services sector and the construction sector, both of which have grown. On the other hand, industrial production was a burden and collapsed. This year, there is hope for real wages to rise, which should drive private consumption and the economy as a whole.