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Signs of life: UK economy likely to avoid ‘technical’ recession Tuesday, 3rd April 2012
Photo credit: My Retail Media
The British Chamber of Commerce (BCC) has reported that the UK economy has shown a small amount of improvement in the first three months of the year, and is now expected to avoid a technical recession.
According to the BBC, the latest quarterly economic survey by the business lobby said that domestic orders and exports were all higher from the previous quarter. Now the BCC expects economic growth of 0.3 per cent in the first quarter of 2012, which would mean the UK would avoid a technical recession, in which two consecutive quarters contract.
Despite the encouraging news, the BCC was keen to point out that the UK "is still facing huge challenges and the recovery is much too slow".