Retail support for UK growth

The UK economy recovered in April after contracting in March, driven by growth in the retail sector. Despite the contraction in the manufacturing and construction sectors in April, the UK economy grew thanks to the recovery in the retail sector. According to the Office for National Statistics (ONS), the economy grew by 0.2 percent in April. The economy had contracted by 0.3 percent in March. The economy grew by 0.1 percent in the last 3 months. The services sector grew by 0.3 percent in April after contracting by 0.5 percent in March. The manufacturing sector, on the other hand, contracted by 0.3 percent. The positive start to the second quarter of the year has removed the risk of recession from the table for now. However, the expectation that the Bank of England will raise interest rates throughout the summer to rein in inflation, which is running four times above the 2 percent target, is still keeping predictions of a recession alive this year. Economists expect moderate growth in the country this year. According to a Bloomberg survey, the UK will grow by 0.2% in 2023, the weakest in the G7 countries except Germany. Darren Morgan, ONS Director of Economic Statistics, said the economy had recovered from the contraction in March, with growth in the services sector, an increase in car sales and a slowdown in strikes in the education sector in April.