LONDON: Britain was this week set to confirm its official exit from a deep recession, although a return to growth would fail to signal a rosy future for the country's fragile economy, according to analysts.
Economists' consensus forecast is for Britain, which is not part of the eurozone, to have returned to growth in the third quarter, or July-September period, after falling into a double-dip recession in late 2011.
Positive retail sales data published last week added to market belief that British gross domestic product (GDP) had turned positive heading into 2013.
All will be revealed on Thursday, when the Office for National Statistics publishes its first estimate of third-quarter GDP.
"The release of the preliminary GDP data for the third quarter should see the UK officially exit recession after three quarters of contraction," said Howard Archer, chief UK economist at IHS Global Insight research group.
But he warned: "The UK still has a very tough job in developing significant sustainable growth given tighter fiscal policy, ongoing serious problems in the eurozone and generally soft global growth.
"In addition, there are still significant pressures facing consumers that are likely to limit the upside for their spending for some time to come," Archer added, citing rising inflation on higher energy and food prices and an uncertain jobs outlook despite recent positive employment figures as some of the reasons.
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