GDP: ECONOMY GREW IN FEBRUARY INCREASING HOPES UK IS OUT OF RECESSION

LONDON - The UK economy grew slightly in February increasing hopes it is on its way out of recession.

The economy grew by 0.1 percent, official figures show, boosted by production and manufacturing in areas such as the car industry.

The Office for National Statistics (ONS) said that construction was dampened by wet weather though.

This is an early estimate, but signals how the UK, which entered recession at the end of 2023, is faring.

Liz McKeown, director of economic statistics at the ONS, said that looking across the three months to February as a whole, the economy grew for the first time since last summer.

Chancellor Jeremy Hunt suggested that the new figures were a “welcome sign that the economy is turning a corner.”

“We can build on this progress if we stick to our plan,” he added.

Growing the economy was one of five key pledges that Prime Minister Rishi Sunak made last year as consumers and businesses were squeezed by higher prices and interest rates.

Labour shadow chancellor Rachel Reeves, however, argued that “Britain is worse off with low growth and high taxes.”

She added: “The Conservatives cannot fix the economy because they are the reason it is broken.”

Most economists, politicians and businesses like to see gross domestic product overall rising steadily because it usually means people are spending more, extra jobs are created, more tax is paid and workers get better pay rises. - BBC.

NAIROBI - Kenya, Ethiopia, Rwanda, Tanzania and Uganda, the major cut flower exporters in Africa, will be the biggest beneficiaries of a decision by the United Kingdom to remove export tariffs for two years.

According to a notice issued by the UK government, flowers in limitless quantities from East Africa can now be transported to the UK with a zero percent charge, even if they pass through a third country.

This is especially significant for producers who sell flowers via auction houses before arriving in the United Kingdom.

Before the duty on cut eight percent.

John Humphrey, the UK’s Trade Commissioner for Africa, said the decision was part of their commitment to strengthening trade relations with East Africa.

“The UK’s relationship with East Africa is rooted in mutually beneficial trade. This additional flower power will allow trade to bloom. We go far when we go together, suspension, flowers was or in this case, we grow far when we grow together, further reinforcing the UK’s commitment to the expansion of trade in East Africa,” he said.

For Rwanda, the UK, Netherlands, Belgium and Germany are among the top importers of an industry reliant on a good climate and cheap labour, making some Africans highly competitive.

Tanzania’s flower industry is on the rebound. In Arusha, it used to bring in around R460 million in export value per year, creating more than 4, 000 jobs for locals.

– NEWS24.