Britain on course to exit deep recession

The deep recession in Britain is easing, official data showed on Tuesday, boosting hopes that the nation will soon join other major economies in returning to growth before the end of 2009.
British output contracted 0.6 percent in the second quarter compared with activity in the first three months of 2009, better than the previous estimate of minus 0.7 percent, the Office for National Statistics (ONS) said.
Gross domestic product shrank 5.5 percent between April and June compared with GDP in the second quarter of 2008.
The 12-month figure, unchanged from the previous estimate made in August, marked the biggest drop since records began in 1955.
"Today's data offers further indications that we are likely to see growth in the third quarter" and an end to Britain's deep recession, said Charles Davis, an economist at independent consultants, the centre for economics and business research (cebr).
IHS Global Insight analyst Howard Archer commented: "Matters have moved on appreciably since the second quarter with the key question being has the economy returned to growth in the third quarter?
"We suspect that it has, and are looking for expansion of around 0.3 percent quarter-on-quarter.”