But only just; GDP up 0.1 per cent behind analyst expectations
Britain has finally crept out of recession, becoming the last major economy to do so.
New national data shows that the UK’s GDP – which continued to fall for six successive quarters – has now stabilised, creeping back up 0.1 per cent during the last three months of 2009.
That nominal rate of increase was weaker than expected, and analysts had predicted Britain was going to leave the recession back in September.
The Office of National Statistics revealed that, throughout 2009, Britain’s GDP fell by 4.8 per cent – a record loss.
Britain’s contemporaries have pulled out of recession far quicker with better results. Japan - an export Nation badly affected by global economic pessimism - exited from the recession back in June 2009 after a huge government stimulus package.
The US, meanwhile, left the recession in last September’s quarter, with GDP rising 3.5 per cent.
However, the news will come as a relief to PM Gordon Brown and his cabinet, with the party and premier currently enjoying a spell of positive news and strong performances in parliament.
UK data recently revealed that unemployment was beginning to decrease.