The days of counting your pennies to overcome debt problems could be numbered as analysts say the recession is over.

According to the National Institute of Economic and Social Research the future is looking more stable for the country’s economy with GDP growth returning to normal in April and May.

The think-tank’s research showed there had been a rise in manufacturing output for the first time in 14 months.

Its upbeat prediction comes as research shows house prices are rising once again.

Martin Wale, the institute’s director, said he believed the recession is already over and that the only way is up.

He said: "There has been much less downward momentum than we expected."

An increasing number of City analysts also believe the country is over the worst of the recession with the general consensus being that it will end in the next three months.

Official GDP data for the second quarter of 2009 will not be released until July 24th when an official analysis of the state of the economy will be made.

Mr Weale said: "The monthly figures are inevitably erratic but the picture is coherent with the broader picture of stabilisation which has emerged since we first suggested that the output (GDP) had stopped falling on May 13th."