By Marcus Leach

Official figures have confirmed that the UK's economy grew at 0.3% in the first three months of the year. The Office for National Statistics's data is unchanged from the initial estimate it gave in April.

It confirms the UK avoided falling into a triple-dip recession, and suggests signs of recovery in the economy.

"No change in the growth figure means no loss of face for George Osborne," Viktor Nossek, head of research at Exchange Traded Products provider, Boost ETP, commented.

"While these are far from the final figures, the confirmation that the economy grew in the first quarter will strengthen the Chancellor's resolve to stick to his austerity programme.

"Mr Osborne stuck to his guns even when the numbers were bad - now the economy is back in the black and with the IMF giving him only the mildest of admonishments, the chances of him changing course have faded dramatically.

"The weakened Pound has helped exports, but domestic demand remains flat. And with no fiscal stimulus in sight, there is no guarantee that growth will be sustained, let alone accelerated."

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