When the government announced that the UK was finally emerging for what has been one of the worst recessions it has ever experienced, 2010 looked a looked a lot more positive than was initially feared.
However, both economists and the media warned that while the country maybe out of the recession, a return to pre-recessionary levels is still along way off. Indeed Britain’s economic recovery looks positively feeble in the light of the US’s recent announcement of a 5.7 per cent growth in GDP.
These official figures reveal the quickest pace of economic growth recorded in the past seven years.
Paul Matthews, economic advisor to the Chartered Institute of Small Business and Enterprise, comments: “While it was always expected that the US would announce a figure indicating economic growth, we expected the figures to be slightly more modest.”
The government announced a 0.1 per cent growth in GDP since the beginning of 2010.