The UK seems to have avoided a triple-dip recession. According to today’s estimate from the Office for National Statistics, the economy grew by 0.3 per cent in the first three months of 2013.
But it is important to remember that this is just a first estimate, with a margin of error of ±0.7 points. So today’s figure could still be revised down to show a triple-dip, or revised up to show stronger growth.
This still leaves GDP 2.6 per cent below its pre-recession peak, five years after the downturn hit.
And here’s how we compare to our competitors in David Cameron’s ‘global race’:
Subscribe to The Spectator today for a quality of argument not found in any other publication. Get more Spectator for less – just £12 for 12 issues.