Sunday, 21 March 2010
The UK Economy Coming out of recession
The UK economy has come out of recession, after figures showed it had grown by a weaker-than-expected 0.1% in the last three months of 2009.
last week, UK unemployment fell for the first time in 18 months.
The UK's had been the last major economy still in recession.
the UK's production and service sectors each grew by 0.1% during the quarter.
The ONS figures also showed that GDP fell by a record 4.8% in 2009.
The UK recession began in the April-to-June quarter of 2008, and was the longest UK recession on record.
During 18 months of recession, public borrowing increased to an estimated £178bn, while output slumped by 6%.
Chancellor of the Exchequer Alistair Darling said he was now sure that "we are on a path to recovery.
"I'm confident but I'll always remain cautious".