Obviously,
0.6% growth in GDP is nothing to write home about, but it beats a contraction. I know that now, the predictions are that we will have a contraction later in the spring or in the summer, but I wonder whether we might have survived the worst of the credit crunch--even allowing for the fact that indicators are lagging--and will see very slow growth for the first part of the year, with faster growth later on. This is all just speculation, so don't take it to the bank--and I mean that literally--but having fully expected to hear that the economy has contracted, I feel somewhat more optimistic about the long term. Here's hoping I don't have to eat these words.