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Recession in UK could almost be over

June 15, 2009 by admin  
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Officials from the National Institute of Economic and Social Research have recently stated that the recession in the UK has almost completed its course, and could soon be over despite concerns from other industry groups and officials that it could last for another one to two years.

According to the NIESR the UK’s economy saw growth over the month of April for the first time in around a year, and saw further growth in May. It went on to state that the lowest point for the economy came in March, and since then there has been some level of economic growth.

The NIESR has collated data from the Office for National Statistics as well as from the private sector in order to analyse data and come to this conclusion. The figures showed that GDP grew at a rate of 0.2 percent in April and then again by 0.1 percent in May. Officials from the group now claim that if the trend continues and the economy continued to grow then Britain could become the first major economy to come out of recession.

In its recently released report the NIESR said: ‘The monthly profile points to March as having been the trough of the depression, with output rising in April and May. The monthly figures are inevitably erratic but the picture is coherent with the broader picture of stabilisation which has emerged.’

Although the NIESR has revealed these encouraging figures and has predicted that the recession in the UK is almost over, one member of the Monetary Policy Committee said that people should not get too optimistic too quickly. She said: ‘The really important question is (whether) there’s a pick up in the economy and if people can sustain that so it continues on to autumn. Our present view is that we think rates could stay low for quite some time.’

Tags: growth, National Institute of Economic, National Statistics, recessions, recession, encouraging figures, profile, private sector

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