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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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  1. Chris Ship

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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