Official figures show today that the UK climbed out of the double-dip recession with a bang between July and September as the economy returned to growth at its fastest pace in five years.
Gross domestic product (GDP) – a broad measure for the total economy – grew 1% in the third quarter of the year, the Office for National Statistics (ONS) said, ending three consecutive quarters of declining output.
It seems the bounce-back was driven by one-off factors, such as clawed-back activity lost to the extra bank holiday for the Queen’s Diamond Jubilee and Olympic ticket sales alone increased GDP growth in the period by 0.2 percentage points. The event is also likely to have lifted a range of other services including employment agencies, creative arts, office administration, accommodation and food and beverages.
Chancellor George Osborne has said the figures show that “we are on the right track” but said the UK still faced “many economic challenges at home and abroad”.