The UK economy is doing slightly better than expected, after the Office for National Statistics (ONS) revised its growth estimate for 2012 up from ‘no growth’ to 0.2 per cent growth.
The growth was thanks in part to the Olympics, as well as several other sectors which performed well.
Cityam.com reported that excluding oil and gas extraction, the economy actually expanded 0.6 per cent in 2012 – a far cry from the flat-line that was initially reported. In fact, if it were not for the turbulent nature of the oil and gas industries, the economy would avoided a double-dip recession altogether.
The construction industry performed well, growing by 0.9 per cent, which was stronger than the initial figure of 0.3 per cent.
John Longworth, director general of the British Chambers of Commerce (BCC), said that more still needed to be done to champion growth. The BCC aims to support small businesses across the UK, including those who start franchise services.
“The chancellor should seize the opportunity in next month’s Budget to be radical and introduce measures that create an environment of enterprise…and create structure of business finance which supports growing companies,” Longworth told bbc.co.uk.
George Osborne is due to give the next Budget on March 20th 2013.