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Fears of double dip recession eased

Fears of double dip recession eased

Fears of a double-dip recession have been alleviated, at least temporarily, by a report released at the end of last week that showed that GDP rose 0.2% in the first quarter of 2010.

Self employed contractors and limited companies in the financial sector should definitely be encouraged by this news as the rise was mainly due to a growth in financial industries and business services of 0.6%.

Other sectors that contributed to the growth were communication, government, storage and transport.

Some industries however did not show such positive results, with construction, distribution, hotels and restaurants all showing a decrease in output

The treasury spokesman for the Lib Dems, Vince Cable, was not particularly optimistic at the news. He said that there is still a real danger of the country sinking back into recession as the marginal growth shows there are very few visible signs of the promised recovery.

He added that whilst the banks continue to starve businesses of credit and people struggle to get out of debt, the recovery is likely to remain in a fragile state.

© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: just take one dip and end it by peyri

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