UK Economy Grows
October 25, 2012 by staff
UK Economy Grows, ACCORDING to figures, the economy is growing and we are out of recession – but does this actually match of the reality of your current financial situation? 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, official figures show.
Gross domestic product (GDP) – a broad measure for the total economy – grew one per cent in the third quarter of the year, the Office for National Statistics (ONS) said, ending three consecutive quarters of declining output.
City experts had expected a rise of 0.6%. The actual figure is the biggest increase since the third quarter of 2007.
The largest contribution to the surge came from the powerhouse services sector, which makes up around 75% of the total economy and grew at 1.3%, following a 0.1% drop in the previous quarter.
But the bounce-back was largely driven by one-off factors, the ONS warned, such as clawed-back activity lost to the extra bank holiday for the Queen’s Diamond Jubilee and a slight lift from the Olympics.
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