11:43 25 April 2013
There will be much feeling of relief across Britain on Thursday, 25th April, as the Office for National Statistics has released figures that show the UK has avoided a triple-dip recession. With regards to the first three months of this year, the economy has shown grown.
The first quarter GDP figures - which are believed to be preliminary estimates - showed that the UK economy had a growth of 0.3per cent, the Office for National Statistics (ONS) confirmed.
Chancellor George Osborne said on the matter: “Today's figures are an encouraging sign the economy is healing. Despite a tough economic backdrop, we are making progress.”
He added: “We all know there are no easy answers to problems built up over many years, and I can't promise the road ahead will always be smooth, but by continuing to confront our problems head on, Britain is recovering and we are building an economy fit for the future.”
It is believed that Britain’s services sector helped with the growth, as this went up by 0.6per cent compared to the last quarter (for 2012). Construction was an area that suffered a contraction however.
Ahead of the figures, many were anxious over whether there would be another recession in the UK. It is thought that generally the economy is still in a similar condition as before, however the UK has escaped a triple-dip recession which can only be good news for many Brits.
It is termed as a recession when the economy shows a contraction over two three month periods back-to-back. With the figure for the final quarter of last year reflecting a contraction, if the ONS’ new figures for 2013 would have mirrored this contraction, it would be deemed as a recession.
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