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26/10/2012

The UK emerges from the recession

Figures announced from the Office for National Statistics Thursday show that the economy has grown by 1% in the third quarter of 2012. This is the biggest growth of expansion since the third quarter in 2007.

The 1% growth that has pulled the UK out of recession has been falsely boosted by two major events this year. The Queens Diamond Jubilee in which there was an extra bank holiday in June and the Olympic Games which took place in July and August of this year. The Office for National Statistics estimate Olympic ticket sales alone may have added 0.2% of the 1% growth in the third quarter.

The third quarter growth has been welcoming news but the UK economy is still very weak and possible relapses are possible. Our economy is only back to the same size it was a year ago.