Umbrella contractor finance: ONS makes upwards revision to GDP figures

Posted on 1 March 2010

Published by Lisa Meadows

The UK's exit from recession was more comfortable than first reported, according to the Office for National Statistics (ONS).

Gross domestic product (GDP) increased by 0.3 per cent during the final quarter of 2009, the office has claimed, rather than the 0.1 per cent it initially indicated.

Some commentators had expressed concern that a downwards revision to the GDP reading could be made, indicating that the UK had remained in recession for a seventh consecutive quarter.

Alistair Darling, the chancellor of the exchequer, told BBC News: "These figures are welcome but there's a lot of uncertainty we have to negotiate over the coming months.

"We are coming through recession. We are moving forward to recovery. But it is absolutely essential for us to retain support for the economy."

The ONS reported that GDP shrank by a total of 3.3 per cent last year.

Categories: Finance for Contractors