The UK recession has finally ended, with the fourth quarter of 2009 seeing gross domestic product (GDP) growth of 0.1 per cent.
Preliminary estimates from the Office for National Statistics showed that the economy had seen a recovery in the final three months of the year after six successive quarters of contraction – the longest recorded UK recession since the 1930s.
The figures – which will be subject to revision upwards or downwards once more data emerges – were helped by a 0.1 per cent rise in the dominant service sector’s output and a 0.4 per cent growth in manufacturing.
However, those with debt management problems may find that such a small rate of growth does little in the near term to improve their financial prospects by offering any new opportunities such as better paid jobs to apply for.
The Consumer Credit Counselling service warned that a “scorpion’s tail of debt” will still sting many people this year.
Chairman of the body Malcolm Hurlston said: “While the growth in GDP is a sign that the economy has turned a corner, its effect on people’s lives will be slow.”