UK economy returns to growth
The UK emerged from a double-dip recession in the third quarter of the year, preliminary figures show.
The economy returned to growth at its fastest pace in five years, the Office for National Statistics (ONS) said today.
Gross domestic product (GDP) – a broad measure for the total economy – grew by 1 per cent between July and September, ending three consecutive quarters of declining output.
But ONS warned the growth was largely due to one-off factors, including a slight lift from the Olympics and clawed-back activity lost to the extra bank holiday for the Queen’s Diamond Jubilee.
Business Cards From Only £10.95 Delivered www.myprint-247.co.ukView details
Contact: 01858 468192
Valid until: Friday, May 31 2013
The estimate comes amid warnings from economists that the UK can expect growth to slow in subsequent quarters.
Chancellor George Osborne said that while the figures show we are on right track, the UK still faced “many economic challenges at home and abroad”.
He added: “By continuing to take the tough decisions needed to deal with our debts and equip our economy for the global race we’re in, this Government is laying the foundations for lasting prosperity.”