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UK avoids triple-drip recession

25.04.13

The UK has avoided a triple-dip recession by reporting a 0.3% growth of the economy in the first quarter of 2013, a surprise following the initial forecast of just 0.1% growth.

A 'recession' is defined by two periods of economic contraction, but the 0.3% growth shows the economy could well be on the mend, hence the avoidance of a triple-dip recession. Chancellor George Osborne voiced his opinion by praising the growth figures.

Mr. Osborne (@George_Osborne) tweeted:

"Today's figures are an encouraging sign the economy is healing. Despite a tough economic backdrop, we are making progress."

However, Shadow Chancellor Ed Balls argued that the economy isn't really making progress.

"The economy is only just back to where it was six months ago," he said.

2013 has seen two ratings agencies – Fitch and Moody's - strip the UK of its AAA credit rating, due to a lack of growth and huge debts.

An increase in the strength of the pound occurred as the news emerged of the 0.3% growth.

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