Skip to content
Join us

UK Avoids Triple Dip Recession

 

The UK economy has avoided falling back into recession. The Office for National Statistics said its preliminary estimates for gross domestic product (GDP), showed the economy grew by 0.3% in the first three months of the year.

The UK economy has avoided falling back into recession according to the Office for National StatisticsThe UK economy has avoided falling back into recession. The Office for National Statistics said its preliminary estimates for gross domestic product (GDP), showed the economy grew by 0.3% in the first three months of the year.

Reacting to the news, North East Chamber of Commerce Director of Policy, Ross Smith, said:

"It comes as a relief that we have not fallen into a triple-dip recession and have maintained a steady, but relatively slow, rate of growth, which was also demonstrated in NECC's own Quarterly Economic Survey.

"The muted pace of growth highlights the fact that trading conditions remain incredibly tough for companies and the Government and regional decision makers must pull out all the stops to improve the business environment in the North East."