26 Apr 2013

UK avoids triple-dip recession

12:21 pm on 26 April 2013

New figures suggest Britain has narrowly avoided slipping into recession for what would have been the third time since the economic crisis began.

The Office for National Statistics said its first estimate for gross domestic product (GDP) showed the economy grew 0.3% during the first quarter of 2013.

The growth in GDP means the economy avoided two consecutive quarters of contraction - the definition of a recession.

The BBC reports there had been fears the UK would enter its third recession in five years, a so-called triple-dip recession.

The UK economy has been on a plateau since the financial crisis hit in 2008, with small spurts of growth and contraction.