27 Jan 2010

UK finally out of recession

9:13 am on 27 January 2010

The British economy is finally out of recession, after growing by 0.1% in the last three months of 2009. The amount was lower than expected.

The economy previously contracted for six consecutive quarters - the longest period since quarterly figures were first recorded in 1955.

UK unemployment fell last week for the first time in 18 months.

Germany and France came out of recession last summer. Japan and the US also emerged from recession last year.

The Office for National Statistics said the production and service sectors each grew by 0.1% during the quarter. GDP fell by a record 4.8% in 2009.

The recession began in the second quarter of 2008. The BBC reports it was the longest recession on record.

Chancellor Alistair Darling said he was now sure that "we are on a path to recovery.

However, Shadow Chancellor George Osborne told the BBC that the UK needed a "new model of economic growth".