United Kingdom Exits Recession
Europe’s two biggest economies – France and Germany bowed out of recession last summer while the world’s largest economies Japan and the United States succeeded sometime last year.
The growth however was not met with complete jubilation as it was below the expected growth rate of 0.4%. The weakness of the growth makes analysts think that the country may still go back to recession especially since value added tax was raised back to 17.5% this month.
It is the first quarterly positive growth for UK since the first quarter of 2008.
With national elections coming in June, the minimal growth rate does not bring good news to Prime Minister Gordon Brown. The government also made a forecast that positive growth is expected by the end of the year.