Posted by: youngragingbull | April 25, 2013

UK economy grows 0.3%, avoids triple-dip recession

The U.K. economy expanded by 0.3% in the first quarter of 2013 quarter-on-quarter, avoiding a slide into a triple-dip recession as feared by some analysts, a preliminary estimate from the Office for National Statistics showed on Thursday.

Expectations were for a 0.1% rise in gross domestic product for the quarter.

The service industry was one of the biggest contributors to the improvement, rising 0.6%, while mining and quarrying gained 3.2% following a weak fourth quarter last year.

On a more downbeat note, the industrial sector shrank 2.5%.

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