UK exits recession after six quarters

The economy in the UK is out of recession after gross domestic product (GDP) grew in the final three months of last year.

According to the Office for National Statistics, there was a 0.1 per cent increase between October and December 2009.

This was less than had been predicted by analysts and Jonathan Loynes, economist at Capital Economics, said that the results were not what many had been hoping.

’The Q4 GDP figures are a major blow to hopes that the UK economy had emerged decisively from recession,’ he remarked.

Chief economics adviser for the BBC Hugh Pym said that the figure could still change and be revised upwards or downwards.

He told the news source that the car scrappage scheme played a big part in helping to lift the economy out of the recession, which lasted six consecutive quarters.

Yesterday, a poll conducted by Reuters revealed that analysts had expected the economy to grow by an average of four per cent, with some predicting jumps of up to 0.9 per cent.ADNFCR-2318-ID-19578111-ADNFCR