Figures from the Office for National Statistics (ONS) have shown that the UK economy grew during the last 3 months of 2009 and has therefore officially emerged from recession. The figures show growth of 0.1% during this period which although small, certainly marks a turning point and a return to positive territory.
This is truly excellent news and now sets the scene for strengthening economic recovery throughout 2010. Prior to this the economy had contracted for six consecutive quarters.
This joins positive news announced last week that UK unemployment fell for the first time in 18 months lending further support to a turnaround in the economy. The coming weeks and months will undoubtedly bring further good news as recovery gathers speed and other sectors of the economy gain strength.
Although officially out of recession a boost in consumer spending will be essential in aiding economic recovery, and for this reason it is expected that interest rates will remain low in the short to medium term.
