UK buries fears of a triple dip, delivering a “psychological boost to consumers and businesses”

The Office for National Statistics released its first estimates for GDP today with experts saying the news should deliver a "psychological boost to consumers and businesses".

"Today's figures are an encouraging sign the economy is healing," said George Osborne. "We are making progress. Businesses have created over a million and a quarter new jobs, and interest rates are at record lows."

Year on year, the economy has grown by 0.6%, above what the OECD predicted last month.

Service sector leading the way

It was Britain's huge service sector that pushed the economy forward, with quarter one growth of 0.6%.

The construction sector shrank by 2.5% but production industries registered growth of 0.2%

Just numbers, but positive numbers

At Smarta, we know that this news is just numbers to business owners and what matters more is how many people are coming through your doors or using your services.

However, this is a very positive sign of where our country is heading and we really hope the effects are felt by small businesses around the country as soon as possible.

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