GDP is expected to have grown by 0.6 per cent for the three months ending in May, according to a leading economic thinktank. The National Institute of Economic and Social Research forecast GDP of 0.6 per cent, down from growth of 1.0 per cent for the three months ending in April. The thinktank said both the production and the private sector had made positive contributions to GDP growth over the past three months. Latest figures from the ONS for the first quarter of 2013 showed the largest contributions came from the service sector and production sector. {desktop}{/desktop}{mobile}{/mobile} For the year, NIESR forecast growth of 0.9 per cent and then growth of 1.5 per cent in 2014. Strongest growth over the remainder of the year was likely to come from the private services sector. Regarding recession and depression, the thinktank said the recession was over but a depression was likely to continue until 2015. Depression was defined as a period when output is depressed below its previous peak. This date has been extended as earlier this year the thinktank expected the recession to be over by 2014. The next GDP figures will be released by the Office for National Statistics on 27 June 2013.
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