Double-dip recession avoided in first quarter

| April 7, 2010 | 0 Comments
”Double-dip

Leading business group, the British Chambers of Commerce (BCC), has today said it has concerns for the UK economy but the recovery is “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”.

Director general of the BCC, David Frost, told the BBC: “Any thoughts we may have slipped back have not materialised, but the recovery needs to be nurtured.”

The UK economy emerged from recession in the fourth quarter of 2009 by experiencing growth of 0.4%, however, many will be awaiting the first estimate of first quarter 2010 growth, which the Office for National Statistics is scheduled to release on April 23.

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