Britain’s economy staged a modest rebound in the first three months of 2012, helped by strong overseas demand, but the country still faces a tough path back to healthy growth, according to the British Chambers of Commerce.
Surveying around 8,000 businesses, the Chambers of Commerce claimed a finding of 0.3% growth – a figure that beat the estimates of most economists and the OECD, as well. Of the three, says market analyst, Michael Hewson, the Chambers of Commerce’s numbers are probably most accurate:
“I’d certainly be more inclined to believe the British Chambers of Commerce than I would the OECD. As you may recall, the OECD last week came out and said the U.K. economy was likely to experience a technical double-dip recession and that Q1 would actually contract. All the data that we’ve seen out so far this year points to the complete opposite of that.”