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UK crawls out of recession as GDP up 1%
by William Robins on Oct 25, 2012 at 09:35
The UK is out of a double dip recession after GDP was estimated to have increased by 1% in the third quarter of 2012.
The Office for National Statistics' (ONS) first estimate showed growth of 1% in the third quarter of 2012.
The ONS said output of the production industries was estimated to have increased by 1.1% from the second to third quarter following a decrease of 0.7% between the first and second.
However construction sector output has fallen an estimated 2.5% to the third quarter, following a decrease of 3% from first to second.
Service industry output has increased an estimated 1.3% in the third quarter following a decrease of 1% from the first to second.
GDP in volume terms was estimated to have been flat in the third quarter of 2012, when compared with the third quarter of 2011.
ONS said the Olympics and Paralympics had affected the third quarter figures. It said the sporting events, held from 27 July to 9 September had impacted a range of areas including sports activities, employment, arts and entertainment, accommodation and transport.
It said ticket sales alone increased GDP in the third quarter by about 0.2%. However the ONS said it was not possible to quantify the overall impact of the Olympics and some positive effects may have displaced other activities.
Prime minister David Cameron (pictured) has been accused of leaking the news that Britain is out of a recession by telling the House of Commons yesterday ‘the good news will keep on coming’.
Labour said the comment was a 'clear reference' to the official GDP figure. Cameron is one of a handful of people given access to market-sensitive information such as GDP figures ahead of their publication.
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