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April 7, 2010    

UK economy to surge ahead in Q2

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by Kay Murchie

The Organisation for Economic Co-operation and Development (OECD) has today said the UK economy will outperform its G7 rivals in the second quarter of 2010.

The forecast comes despite the UK economy lagging behind other major economies and being one of the last to emerge from recession - in the fourth quarter of 2009.

However, the OECD is forecasting the economy will grow at an annual rate of 3.1% - in line with the Government’s own Budget forecast and higher than the US, Germany, France, Japan and Italy.

The forecast is supported by leading business group, the British Chambers of Commerce (BCC) who said a double-dip recession had been avoided in the first quarter and the recovery was “still on course”.

The BCC’s survey of more than 5,500 businesses showed that manufacturing sales were struggling, while new orders remained in decline.

However, the business group said growth within the key services sector helped GDP to grow in the first quarter of the year - avoiding a “double-dip” recession (whereby the economy goes into recession twice without having undergone a full recovery in between).

However, the BCC warned that the recovery was weak and “serious risks of a setback remain”.

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