Preliminary figures released by the Office for National Statistics (ONS) today have shown the UK's economy grew by 0.3% during the first quarter of 2013, escaping a triple-dip recession.
Growth of 0.6% within the services sector helped pushed gross domestic product (GDP) up, whilst high demand for gas and electricity during February and March had contributed towards increased output in the energy supply industries.
Economists had feared the UK would enter a recession for the third time in five years, pushing into a triple-dip recession.
Low levels of economic growth have resulted in the downgrading of the UK's AAA rating by two credit rating agencies so far this year.
Mr Osborne said the figure had provided an encouraging sign that the UK's economy was healing.
"Despite a tough economic backdrop, we are making progress," he said. "The deficit is down by a third, businesses have created over a million and a quarter new jobs, and interest rates are at record lows."
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