The Office of National Statistics has revised its gross domestic product figures for the fourth quarter 2009, showing growth was 0.3 per cent rather than the 0.1 per cent earlier reported.
The data revision means the UK came out of recession more strongly than initially thought.
Black Swan Capital wealth chief economist James Hughes says: “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”
He says the UK’s huge structural deficit means the economy remains highly precarious. He says: “This 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.”
Royal London Asset Management economist, Ian Kernohan says: “So much for all the fuss about the Q4 GDP last month, which showed the UK barely crawling out of recession. With consumer confidence rising and the Tory poll lead narrowing, Mr Brown must be tempted to hold a snap election.”