"We all know there are no easy answers to problems built up over many years"
-Mr. Osborne, the Chancellor of the Exchequer
Britain's economy escaped from falling into a triple dip recession and expanded in the first quarter of 2013, a rare bit of welcome economic news for the government; however, it continues to struggle to deliver even modest sustainable growth. The Office for National Statistics said the U.K. gross domestic product grew by 0.3% during the first quarter of 2013, recovering from a 0.3% contraction in the quarter earlier. Data diminished fears the U.K. would enter its third recession in five years, and the improvement should provide a boost to consumers and businesses, even though the broader picture of the economy remains the same.
"While GDP growth of 0.3 per cent quarter-on-quarter is a cause for minor celebration, it does not fundamentally alter the picture of an economy that is struggling to develop even moderate, sustainable expansion," Howard Archer, chief U.K. and European economist at IHS Global Insight said in a note on Thursday.
"We all know there are no easy answers to problems built up over many years, and I can't promise the road ahead will always be smooth, but by continuing to confront our problems head on, Britain is recovering and we are building an economy fit for the future," Mr. Osborne, the Chancellor of the Exchequer.
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