25 April 2013 10:18 [Source: ICIS news]
LONDON (ICIS)--The UK’s economy has avoided a triple-dip recession after GDP grew by 0.3% in the first quarter, official figures showed on Thursday.
However, GDP is still 2.6% below its pre-recession peak in the first quarter of 2008, according to the Office for National Statistics (ONS).
Growth in the first quarter followed a contraction of 0.3% in the fourth quarter of 2012. Two periods of consecutive negative growth qualify as a recession.
The service sector was the main source of growth in the first quarter, expanding by 0.6% and contributing almost 0.5 percentage points to GDP.
This was partly offset by construction, which contracted by 2.5% and had a negative contribution of 0.2 percentage points to overall GDP growth, the ONS said.
Production made only a slight contribution of 0.03 percentage points, growing by 0.2% in the first quarter, according to the data.
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