UK sidesteps triple-dip recession with 0.3 per cent growth

 
Suzie Neuwirth

THE UK has avoided a triple-dip recession with 0.3 per cent growth for the first quarter, according to today’s figures from the Office for National Statistics.

The economy shrank in the last quarter of 2012 so a second decline would have put the country back into recession.

The largest growth came from the services sector, which rose 0.6 per cent in the first quarter. Production grew by 0.2 per cent.

However, construction contracted by 2.5 per cent for the period after a short-lived return to growth in the previous quarter.

“Coming out of the recession in 2008-09, the rate of GDP growth has been slower compared with the early-2000s, owing to weaknesses in the domestic and global markets,” said the research.

“Services have continued to grow steadily from 2009, and ended 2012 above pre-recession levels seen at the start of 2008.”