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British economy did not fall into a triple dip recession as previously feared

Thursday, 25 April 2013

The British economy avoided the triple dip recession with an economy that grew better than expected to 0.3 percent in the first quarter compared with the previous quarter.

Compared with the same quarter last year, GDP rose 0.6 percent, according to an estimate from the British statistics office, The Office for National Statistics.

Analysts had expected that GDP would grow by 0.1 percent over the previous quarter, and rise by 0.4 percent from the same quarter the year before, according to various analytical consensus.

Industrial production rose 0.2 percent in the first quarter compared with the previous quarter. Service production rose 0.6 percent, while construction output fell 2.5 percent. One major driver was improved performance of the British North Sea oil-drilling activities, which was not previously added, in the last estimate.

Nick Cleg the deputy Prime minister speaking on the radio station, London Biggest Conversation (LBC) during his phone in program said that the figure were better than previous expected but that there is still lots of work to be done to bring the economy out of the woods.

by Team

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