News and Events

UK emerges from double-dip

25/10/2012

Good news has come at last as official data shows that the UK economy exited the double-dip recession during the third quarter of 2012.

The Office for National Statistics reports that GDP increased by 1.0% between July and September, a much larger expansion than many experts had anticipated.

While the Olympic Games was said to have accounted for 0.2% of that figure, the largest and most promising contributions came from both the services and production industries, which expanded by 1.3% and 1.1% respectively.

Unfortunately the construction sector continued its decline as conditions remain tough, but it fails to overshadow what has been a particularly satisfying set of figures for the under-pressure Chancellor ahead of December’s Autumn Statement.