The recession was declared over by the country’s leading economics think-tank yesterday after it released upbeat estimates showing that growth in GDP resumed in April and May.
The recession was declared over by the country’s leading economics think-tank yesterday after it released upbeat estimates showing that growth in GDP resumed in April and May.
The upbeat verdict that Britain’s slump is at an end came from the National Institute of Economic and Social Research after official figures revealed the first gains in manufacturing output for 14 months, adding to a recent spate of signs of recovery.
Estimates of the economy’s overall performance by the institute, based on the manufacturing figures, indicated that GDP bottomed out in March and began to rise again in April and May.
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Martin Weale, the institute’s director, said he believed that the recession was now over “as far as I can tell”.
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