According to the Office for National Statistics, UK industrial production has posted a 0.3% increase on the month - the first monthly increase since February 2008.

The figure has helped the annual decline in industrial output to slow to a 12.3% fall in April from a 12.7% decrease in March. The figure is being taken as a sign that the UK's recession stricken economy could start digging itself out of trouble faster than expected.

Anticipation of a positive second-quarter GDP remains possible, but is more likely to take place in the third quarter. The rise in output is also encouraging because it suggests that the UK has worked out its inventory hangover more quickly than its German counterpart.

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