An upgrade to February's growth estimate and strong performance in March means the 2023 recession is rapidly receding in the rear view mirror - ending almost as soon as it had started. Not only is the UK back in the black, but the economy is growing faster than expected.
Construction remains the one area of weakness, particularly in the commercial sector. Real estate is particularly exposed to the effect of higher interest rates, and the upheaval of the pandemic is still rocking the office and retail sector.
Perhaps most reassuring is the broad base of growth - with positive developments across everything from retail to manufacturing.
Bank of England pleased with healthy economy; a rate cut on Thursday would be premature now.
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