UK avoids triple-dip recession as GDP grows 0.3% in first quarter

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.

By: Graeme Paterson
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index