UK economy out of double-dip recession
The UK returned to growth in the third quarter of this year, in part due to the Olympics and Paralympics.
The UK has come out of double-dip recession, according to the latest quarterly GDP figures from the Office for National Statistics (ONS).
The economy grew by 1.0% in the third quarter of the year from July to September, with ticket sales for the Olympic and Paralympic Games providing some of that growth.
There was also increased output from production industries and small growth for the retail sector, although the ONS says it is not putting this down to the ‘Olympic effect’.
The figures look so much better compared to the second quarter in part due to an extra public holiday for the Diamond Jubilee plus the bad spring weather.
The ONS says the UK has recovered about half of the output lost between the start of 2008 and the middle of 2009.
It will now be interesting to see what happens this quarter when the 'Olympic effect' is gone.
More on the economy
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Northern Rock: five years on
Why the banks are still strangling British business
Why base rate hasn't been cut to 0%
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Re Cameron's comment last Thursday concerning Britain emerging from double dip, "we are taking the right approach to boost growth" and "on the right track". ! ! ! ! @ ? * * * * For gods sake, you'd think he would have a bit more common that to start crowing after 1 positive quarter in how long ? What EXACTLY have they done to boost growth ? We need some major investment in infrastructure right NOW, not after 2 or 3 years talking it over. I will be absolutely astounded if the next quarter is in the black too, just in the last few days since Thursday we have had Ford announcing closure and 1000's of jobs to go, UBS shed 100's possibly 1000's in UK, Comet are now bust.......etc etc. The only track I can see us on is one to Crapville, that 'emergence from recession' will turn out to be a mere look back over the shoulder to the good ol' days way behind us !
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Mike10613 Well said! I totally agree with all you say. Electricblue Can you give us an instance of a country ( any country ) talking itself into recession ? By the way, I have run a business.
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The growth in quarter of 1% is A) A blip and B) innacurate C) Only tells you a small part of the story. Funny hearing on the news today. "The country is out of recession and today it has been announced 2 UK transit van factories are to close, shedding 1300 jobs plus many many more in the supply chain as a knock on." We dont make much, we dont export much, we dont build much, we import too much, theres too many of us, theres no jobs but some how we are out of the recession. Definately to be taken with a pinch of salt.
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01 November 2012