Gross Domestic Product is the basic measure of the a country’s economic output and today the Office and National Statistics revised it figure from 0.1% for the final 3 months of 2009 to 0.3%.

This represents that the country’s economy is in fact growing and so therefore means officially we are out of the recession. However this may not be the whole picture.

Analyst feel that a more accurate picture will be shown once investment figures are included, this is on the back of the ONS data stating that UK business investment fell by 24.1% in that quarter of 2009. Therefore once this data is included into the GDP figures it could be a case that it will show we have never actually left the recession.

Recruitment agencies are sensing some sort of economic revival, with more vacancies and placements being recorded, but the job market as is the economy is on tender hooks. We should not forget that the UK has borrowed roughly 12% of its total economy, this is the same as the Greece economy, however due to the UK’s solid track record, there is a feeling we will be able to cope a lot better with this debt than say Greece can.

So are we out of the recession?

I would suggest not yet, with so many unknowns, even to the extent that these revised GDP figures could still be false. It is a precarious situation our economy is in, we need further proof that our economy is gaining strength and only until then can we really start addressing the UK public debt.