But lets look at these GDP figures closer:
Preliminary figures from the Office for National Statistics showed that in the first quarter the economy merely recouped ground lost from severe snow in December, growing by 0.5 per cent. With value added tax rising 2.5 percentage points to 20 per cent in January, economic weakness was always expected in the first half of 2011.
But the stagnant economy over the past six months will force another downgrade to official forecasts – unless the gross domestic product figures are subsequently revised upwards.
Current UK GDP is £1310 billion, making a 0.5% an increase in £6.55 billion over 3 months.
But compare this to the amount borrowed in March alone according to the ONS:
In March 2011, there was net borrowing (excluding financial interventions) of £18.6 billion, which compares with borrowing of £19.8 billion in March 2010.
So the government has spent the increase in GDP nigh on 3. times. over. in 1 month.
Yes I know that this isn't an exact comparison; no doubt someone will say the only comparitive is the rate at which we have to pay off the interest on this - life is too short to do those calculations.
But with spending like this, in comparison to the wealth generated cannot be good.
Stop spending our money Osbourne you annoying ass-hat.