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NIESR says UK GDP grows 0.1 percent in first quarter; no triple dip
April 9, 2013 / 2:03 PM / 5 years ago

NIESR says UK GDP grows 0.1 percent in first quarter; no triple dip

LONDON (Reuters) - Britain’s economy grew 0.1 percent in the first quarter of 2013 compared with the previous quarter, the National Institute of Economic and Social Research said on Tuesday, making a triple-dip recession unlikely for now.

A woman walks past closed down shops in south London February 27, 2013. REUTERS/Andrew Winning

The economy shrank late last year, and another contraction in the January-March period would result in a third recession in less than five years. The first official estimate of whether that was the case will be released on April 25.

According to NIESR’s monthly estimate, Britain’s gross domestic product grew at the same rate in the first quarter as in the three months ending in February.

The estimate follows official data showing a surprisingly strong rebound in British industrial production in February, led by a rise in manufacturing output, as well as by higher demand for energy during the unusually cold month.

“Our estimates suggest that both production sector output and the broader economy were broadly flat in the first quarter of this year,” NIESR said.

Reporting by Olesya Dmitracova; Editing by John Stonestreet

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