UK is officially out of recession
The UK recession began in the second quarter of 2008 and since then the economy has contracted by 6%. Many experts had been expecting us to exit the recession in the third quarter of 2009, but the quarter showed a 0.2% contraction.
The UK is one of the last of the European economies to exit the recession. However, today’s figures are just an estimate and could be revised upwards or downwards once all the information has been collected.