UK avoids ‘triple-dip’ recession

According to the ONS, the UK managed to dodge a dreaded triple-dip recession in Q1 2013. GDP figures exceeded economic forecasts and registered a 0.3% rise in output. Year on year, GDP rose by 0.6%, the greatest rise seen since Q4 2011. Services were stimulated by activity in distribution, hotels and restaurants and rose 0.6% Q4 2012 when compared to Q3 2012. Production increased by 0.2 per cent and was led by a 3.2% spike in mining and quarrying while construction dropped 2.5 per cent – with the construction sector suffering most in Northern Ireland. However, the US, German and Canadian economies have exceeded their pre-recession levels of output but the UK’s GDP remains 2.6 per cent below its Q1 high of 2008. Britain is still caught in its longest peacetime slump since 1920. 

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