British economy rebounds strongly in first quarter of the year, ending ‘technical recession’

By PAN PYLAS
Associated Press

LONDON (AP) — The  British economy bounced back strongly in the first three months of the year, bringing to an end to what economists termed a “technical recession.” The Office for National Statistics said Friday that the economy grew by 0.6% in the first quarter from the previous three-month period, with broad-based strength across sectors. The increase was higher than the 0.4% predicted by economists. It comes after two quarters of modest declines, which in the U.K. is defined as a recession. Despite the quarterly increase, the British economy has barely grown over the past year. It has been hobbled by interest rates at 16-year highs of 5.25%.