Some good news for the UK emerged today when the Office of National Statistics published a report claiming that the UK came out of recession during the last quarter of 2009, with more momentum than predicted.
The stats say that the economy grew 0.4% in the final three months of 2009 above analysts predictions of an unrevised reading of 0.3%. It was also the first report of growth since the first quarter of 2008.
On the year, GDP contracted by 3.1 percent, less than the 3.3 percent previously reported.
The statistics office said the upward revision was due to a combination of higher services, construction and agriculture output.
Separate figures showed the current account deficit narrowed more than expected over the quarter to 1.684 billion pounds from 5.912 billion pounds, the lowest since the first quarter of 2008.
Overall the unexpected figures are likely to be too little too late for the current government to gain any momentum in their efforts to raise the country out of the financial crisis. They are expected to go to the polls on May 6th.
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