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Is the U.K Out of its Recession?

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by Ben Cohen

A leading British think-tank certainly seems to think so (via the Guardian):

Britain may have emerged from its deep, year-long recession
over the summer, according to calculations by respected thinktank the
National Institute for Economic and Social Research, boosting hopes
that the worst of the credit crunch is over.

Official figures
released this morning showed manufacturing output rose strongly, by
0.9% last month, helped by car production resuming in factories that
had temporary shutdowns in the depths of the crisis.

Feeding this
news into its forecasting model, NIESR found that GDP is likely to have
increased by about 0.2% in the three months to August, the first
expansion since the spring. Provided there is no dramatic setback in
September, that would make the third quarter of 2009 the first to
record a rise in output since early last year.