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ONS confirms 0.3% growth in Q1

  • 23/05/2013
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ONS confirms 0.3% growth in Q1
Business leaders have welcomed confirmation of ‘budding’ economic growth in the first quarter of 2013.

UK gross domestic product rose by 0.3% between Q4 2012 and Q1 2013, according to the Office of National Statistics. The figure remains unchanged from the ONS’s previous reading.

Forum of Private Business chief executive Phil Orford said: ““No one likes to use the term ‘green shoots of recovery’ any more, but it certainly seems to be that this is what we are seeing.

“There may still be stormy times ahead, particularly with the Europe situation, but this confirmed GDP figure certainly points to the UK economy coming into bud. Just how long before we see it in full bloom will depend on many external factors, but this will be pleasing for businesses as the figure has not been revised down as we’ve seen previously.

“We don’t expect there’ll be champagne corks popping in Downing Street just yet, but they might want to dust off a few bottles for later in the year if we see more sustained growth from Q2.”

The ONS first suggested the 0.3% figure in April – meaning the UK avoided a widely-feared triple-dip recession. It published its second reading today.

Household expenditure grew by 0.1% in the Q1 and has now increased for six successive quarters.

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