The UK economy grows in January as GDP rises 0.2% – what this means for you

The British economy returned to growth after a mild recession, the latest figures show.

Gross domestic product (GDP) rose 0.2% in January this year, after a 0.1% decline in December.

The increase was partly due to growth in the services and construction sectors, the Office for National Statistics (ONS) said.

The economy improved thanks to strong growth in both retail and wholesale.

It means the UK economy appears to have emerged from recession after two quarters of GDP contraction in the second half of 2023.