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Govt revises GDP to 0.3%

The Office of National Statistics has revised Q4 2009’s GDP figure up to 0.3 per cent from 0.1 per cent.

The ONS says a revision of “strong” December data meant that the UK came out of the recession better than initially thought.

Black Swan Capital wealth chief economist James Hughes says: “On the surface, this stronger than expected upward revision is positive news, but the wealth of negative factors still at play in the UK economy should cast a long shadow over any celebrations”

Hughes says the UK’s huge structural deficit means the UK economy remains in “a highly precarious”.

He says: “This latest data does not take us to amber, from red, alert. The UK is trading on past economic glories at present and this will only continue for so long.”

Travelex head of the UK trading desk Mark Bolsom says the Q4 data is now irrelevant as there has been a string of “really poor” data released in 2010.

He says: “January’s retail sales were dire, claimant count has shot up and our national debt has increased – there is more concern in the markets about what is going on now than a revised GDP figure.

“The upward revision to our GDP does not mean we are out of the woods yet. We’re still way behind other global economies in the speed of our recovery and investor sentiment remains negative, as the political and economic future of the UK remains uncertain.”  

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