UK GDP rises in Q1
The UK has avoided a triple-dip recession.
The UK has avoided a triple-dip recession after data released by the Office for National Statistics (ONS) revealed the country's economy grew by 0.3 per cent in the first three months of the year.
Negative growth figures would have pushed the UK into an unprecedented triple-dip recession, but the economy is still struggling to recover from the global financial slowdown.
Growth has been slow for the last 18 months and it was noted by the ONS that there has only been 0.4 per cent of expansion in the previous year-and-a-half.
Snowfall and cold weather experienced by much of the UK during March is not believed to have a negative effect on the growth figures, which may be revised up or down at a later date.
Commenting on the UK's latest GDP figures, Schroders' European economist Azad Zangana stated avoiding a triple-dip recession will be a relief for chancellor George Osborne.
"Looking ahead, we expect the UK economy to pick up in the second half of the year on the back of stronger corporate investment," he said.
Learn about the sterling and forex trading at City Index.
Latest market news
Today 08:15 AM
Today 05:45 AM
Yesterday 11:09 PM