26/01/2010

UK Emerges From Recession

The British economy has officially moved out of recession.

Growth during the last three months of 2009 was recorded at 0.1%, a much smaller than predicted trajectory.

The economy had shrunk for six continuous quarters, the deepest dip in over 50 years.

Last week a further sign of confidence emerged, when it was revealed jobless figures had dropped for the first time in 18 months.

Britain is one of the last European countries to step out of recession.

Europe's two biggest economies - Germany and France - came out of recession last summer.

Japan and the US also exited recession last year.

Today, the Office of National Statistics confirmed UK Gross Domestic Product (GDP) had increased 0.1% in the fourth quarter of 2009, compared with a decrease of 0.2% in the third quarter.

The rise in output was due to growths in services and production, the report said.

Services output rose 0.1%, compared with a fall of 0.2% in the previous quarter.

Distribution, hotels and restaurants contributed most to the increase, rising 0.4%, compared with an increase of 0.7% in the previous quarter.

Motor trades and retail contributed most to the increase. Transport, storage and communication showed zero growth, compared with an increase of 0.7% in the third quarter.

Total production output rose in the fourth quarter, increasing 0.1%, compared with a fall of 0.9% in the previous quarter.

Manufacturing made the largest contribution to the increase rising 0.4%, compared with a fall of 0.2% in the previous quarter.

Mining and quarrying output rose 1.0%, compared with a decrease of 5.7% in the previous quarter. Electricity, gas and water supply fell 3.3%, compared with an increase of 0.2 in the previous quarter.

Construction output showed zero growth in the fourth quarter, compared with an increase of 1.9% in the previous quarter.

Agriculture, forestry and fishing output decreased 0.6%, compared with a fall of 2.8% in the previous quarter.

Total GDP fell by a record 4.8% in 2009.

(PR/BMcC)

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