UK to escape triple dip, says NIESR...

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Britain will escape a triple dip recession by the skin of its teeth, the National Institute of Economic and Social Research has estimated.

NIESR’s forecast that the economy grew by 0.1pc in the three months to March came on the back of strong manufacturing data for February that had already allayed analysts’ worst fears.

Sterling jumped in early trading on rising hopes that the country would dodge an unprecedented third technical recession in less than five years.

Confidence in the recovery had already been helped by a strong rebound in manufacturing in February, as output jumped by 0.8pc – double economists’ forecasts – following January’s disastrous, weather-affected 1.5pc collapse. The broader measure of industrial production also bounced back by 1pc, reversing much of January’s 1.3pc decline, according to the Office for National Statistics (ONS).

“With the UK’s largest oil and gas field coming back on-stream in March, likely leading to another positive gain in output, we are more optimistic that the UK can avoid its third technical recession,” James Knightley, an economist at ING, said.

The sharp improvement in manufacturing, which accounts for 7pc of the UK economy, offset another poor performance by Britain’s exporters. The ONS said the trade deficit soared to £3.6bn in February, from £2.5bn the previous month. Economists had expected an increase to £3bn.

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News Source: www.telegraph.com