The UK has passed the bottom of the recession with a return to economic growth in April and May, a leading think tank claimed today.
The National Institute of Economic and Social Research (NIESR) said the economy hit a "trough" in March, but estimated there had been growth in gross domestic product (GDP) in the past two months in a sign the recovery is in sight.
The group's estimates UK output fell 0.9 per cent in the three months to May after a decline of 1.5 per cent in the three months to April.
NIESR admitted its monthly figures were subject to change, but said the picture was "coherent with the broader picture of stabilisation".
"The monthly profile points to March as having been the trough of the depression, with output rising in April and May," it added.
The Prime Minister's spokesman said: "There are clearly signs that the action the Government has taken is starting to have effect, but it remains a very, very difficult global situation that our businesses are facing.
"There is no room for complacency."
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