UK to avoid triple recession says BCC
It is thought that the UK will avoid a third period of recession, according to a survey by the British Chambers of Commerce (BCC) published yesterday.
According to the BCC, a strong performance by Britain’s service industries in the first three months of 2013 have kept the economy growing, contrary to the economic picture being painted by official figures.
While the service industries remain strong, the same cannot be said for the UK’s manufacturing industry, after a sector survey found manufacturing shrank for a second consecutive month in March, with output falling at the fastest rate since October.
The BCC has said it expected the UK economy to record “positive but subdued growth” in 2013.
BCC chief economist David Kern said the survey “reinforces” the trading body’s assessment that recent figures have “exaggerated the weakness of the UK economy and the volatility in output.”
Kern added: "If an announcement of negative growth in the first quarter is misleadingly described as a triple-dip recession, confidence will again be damaged unnecessarily."