Rail freight warehouse terminal in Bristol cheered by official end of UK recession
The UK economy emerged from recession in the three months from July to September, helped by the Olympic Games. The UK produced its strongest quarter for five years to bring the country officially out of a double-dip recession.
This news is exciting for individuals, businesses and investors, giving all a projected further of further growth and economic recovery.
The economy grew by 1.0%, according to official gross domestic product figures (GDP), whilst The Office for National Statistics said that Olympic ticket sales had added 0.2 percentage points to the figures.
The BBC’s economics editor, Stephanie Flanders, says the figures are welcome news to everyone, not least government ministers.
The GDP figures were also enhanced by comparison with the previous three months, because the second quarter had an extra public holiday as part of the Diamond Jubilee celebrations in June, as well as unusually bad weather, which reduced growth.
“There is still a long way to go, but these figures show we are on the right track,” said Chancellor of the Exchequer George Osborne.
The economy had been in recession for the previous nine months and has still not recovered the levels of output seen before the financial crisis in 2008.
The ONS said that the economy had contracted by 6.4% between the start of 2008 and the middle of 2009, and had since recovered about half of that output.
We may not be back in the boom we were used to but this is a positive end to what has already been a great year for Britain.