UK avoids triple-dip recession

A triple-dip recession has been averted as the economy grew by 0.3% in the first three months of the year, according to preliminary estimates. The Chancellor George Osborne has said it is "an encouraging sign the economy is healing".

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Growth figures better than Osborne could have hoped

The economic figures released today are better than Chancellor George Osborne could have hoped for.

Chancellor of the Exchequer, George Osborne. Credit: Russell Cheyne/PA Wire

The consensus was that there would be 0.1% growth and he got 0.3%.

Not much sign of this "rebalancing" though, it was the service sector that mainly contributed to today's growth.

The service sector is up by 0.6%, partially offsetting construction which fell by 2.5%.

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