UK avoids triple-dip with modest growth

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Source: Office for National Statistics
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The UK economy has avoided a triple-dip recession by growing 0.3% during the first quarter of the year, according to the Office for National Statistics.

By far the largest contribution to Q1 GDP growth came from the services sector with a 0.6% increase, compared to a 2.5% drop in the construction sector and just 0.2% growth in production.

Chancellor George Osborne said...

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Pfft "triple dip" is such a load of media hype.

The economy is flat, end of story. 

It has risen and fallen my statistically irrelevant levels (except for the one period of growth when they counted all the Olympics spend in one Q) for the past couple of years.

The one thing you can say, is if its up this time, it will be down next, or at least by the end of the year if the next Q has a + infront of it. 

 

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26th Apr 2013 00:54

modest growth...?

0.3% growth, which will probably get brought down to 0.2 when the final figures are in is hardly "modest". I would suggest "anaemic", "stagnant" or possibly "rounding error" would be better descriptions.

However Mr. Osbourn was probably looking for a more upbeat appraisal.

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