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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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Health of the British economy sector by sector

This is how the different sectors of the British economy have performed in the first three months of this year:

  • Agriculture, forestry and fishing - Fell by 3.7 percent compared with 0.5 percent contraction in the previous quarter.
  • Construction - Output decreased by 2.5 percent capping off a 5.9 percent decrease in the year to March 2013.
  • Production - Grew by 0.2 percent following a decrease of 2.1 percent in the previous quarter. This growth was driven by mining and quarrying, and electricity supply.
  • Services - 0.6 percent growth was the driving force behind the growth in overall GDP. This picture of positive growth was seen across the sector.

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