UK avoids triple-dip recession - Economy - News - Moneyfacts

News

UK avoids triple-dip recession

UK avoids triple-dip recession

Category: Economy

Updated: 25/04/2013
First Published: 25/04/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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."

What next?

Compare the best savings rates
Search all mortgages
Switch your Gas and Electricty
Save on your Broadband Deals

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Base rate remains unchanged in surprise decision

Earlier today, the Bank of England’s rate setting committee announced that it had voted decisively to keep base rate on hold at its record low of 0.5%. But what does it mean for you?

Budget 2016 – an overview

Well, George Osborne has just revealed the Budget for 2016 – his eighth so far as Chancellor – and as ever, there were some winners and losers from the whole thing. Below is a quick overview of the key points.

What does a US Fed rise mean for the UK?

The US Federal Reserve has decided to raise interest rates, and although you may not think that financial events happening in the US will have much of an impact on UK soil, you may be surprised…
 
Close