UK growth confirmed at 0.3% as double-dip revised away

The UK economy delivered growth of 0.3% in the first quarter of the year, the final reading from the Office for National Statistics has confirmed, but revisions to previous readings mean there was no 'double-dip' recession.

The final estimate was broadly in line with market expectations, confirming May's reading. The GDP figure comes after a 0.3% contraction in Q4 2012, which some had feared would lead to another technical recession. Attention will now turn to the Q2 figure, which will be released next month. Analysts predict growth could surprise on the upside, with the Bank of England forecasting growth of 0.5%. Separately, gross domestic product data was revised to show the U.K. actually avoided a double-dip recession in 2012. The statistics office said the economy stagnated in the first quar...