BGN Entrepreneur

The economy in the UK grew in the first quarter of 2010, rising in spite of the harsh winter and taxes, reducing the prospect of a double-dip recession. Official figures on Friday indicated that the economy has grown by 0.2% from January to March.
The growth was a little lower than the figure of 0.4%, which is expected by economists, and was in an area that is directed at all political parties to justify it maintain its economic position.
In many ways, the figures indicated that the economy may still grow in a time of rising taxes, even though parts of the economy, which are most influenced by VAT increas, were the weakest.
Business services and manufacturing contributed most to the growth. As government services have been flat during the period, the private sector grew slightly faster than 0.2%.
However, the distribution, hotels as well as restaurants, which counts for about 15% of the economy, had a bad quarter output falling 0.7%, following a very strong showing in the fourth quarter of 2009 as buyers rushed to beat the VAT increase.
The figures indicate that the UK economy is on the mend, and without the same cost-cutting measures or storms in the coming quarters. Economists are expecting to increase the growth rate.
Preliminary figures have a tendency to higher in the months and years will be revised after its publication. This suggests it is likely that the true growth in the first quarter of the year, which was higher than 0.2%.

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