Recession-hit Britain swings to economic growth in January, helped by construction bounce

UK gross domestic product (GDP) increased by 0.2% in January, according to the Office for National Statistics. This growth was in line with economists’ forecasts and follows a 0.1% contraction in December. The construction sector saw an unexpected jump in output, with a 1.1% increase in January. However, over a three-month period, construction output fell by 0.9%. Services recorded a 0.2% growth in January, while production output decreased by 0.2%. Economists noted that while the figures were slightly positive, sustained growth is needed to assess the overall economic situation. The British pound remained stable against the US dollar and the euro after the announcement.