UK steers clear of triple-dip recession

A triple-dip recession has been avoided, according to figures released by the Office for National Statistics (ONS) today.

The UK economy saw growth of 0.3% and was described as an “encouraging sign” by the Chancellor, who said it was a sign the economy was “healing”.

ONS chief economist Joe Grice told press today that the UK has avoided a triple-dip recession, but said manufacturing had seen a decrease.

Robert Doody of the ONS, also speaking to press, said manufacturing in the UK had seen a 3% fall on last year, “with no direct evidence of why it has fallen, but we are forecasting on an uplifting March”.

GDP increased by 0.3% in Q1 of this year, following a 0.3% slip in Q4 of 2012. The largest contribution came from services, which showed an increase of 0.6%.

Poor weather, which affected retail and farming, has been said to have had little impact on the figures as there was a boost in demand for electricity and gas.

However, ONS has said that these figures are preliminary and could change either way by 0.1%-0.2%.