New figures for the economy have been posted by the Office for National Statistics (ONS), showing that Britain’s recession woes may be stabilising. Whilst a contraction was predicted for the UK, the estimated 0.7% decline was not noted and an overall figure of 0.5% was finally published. There are hopes that the stabilisation could improve company confidence, leading more business leaders to create new employment opportunities.
In the second quarter of the year, most analysts expected to see an economic contraction as the recession continued to hang heavily over the country. Whilst figures initially came in at only a 0.4% decline, official data was finally rounded down by one decimal place. One of the leading contributors to the decline was the construction trade, which was predicted to post a 5.2% decline. Once again the figure was not as bad as previously thought, with a 3% fall being noted.
With the third quarter playing host to the London Olympics and Paralympics, it is hoped that the three consecutive months of contraction will finally be bolstered by rising figures and actual economic growth. Despite this hope, the contraction figures are not as bad as many thought them to be, offering hope for the future. With growing optimism that Britain is back on track, there may be more employment opportunities coming from companies as they look to increase their staff numbers and push growth forward.