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

Inflation falls: good news for pensioners and savers

Northern Rock: five years on

Why the banks are still strangling British business

Why base rate hasn't been cut to 0%