The National Institute of Economic and Social Research (NIESR) has estimated that the UK's economy grew by 0.1 per cent in the first quarter of 2013, narrowly missing a triple-dip recession. The think tank previously predicted that GDP would shrink by 0.1 per cent.
While avoiding a triple-dip recession is psychologically important, growth of a tenth of a percentage point is nothing to get excited about.
NIESR still predicting the UK's GDP won't be back to its pre-crisis peak until 2015. So much for recovery.— Peter Spence (@Pete_Spence) April 9, 2013