The UK’s double-dip recession is officially over, after the economy grew 1% between the second and third quarters.
The figures released today by the Office for National Statistics far exceeded most economists predictions of 0.6% growth.
The country had been expected to return to growth, largely due to a rebound predicated by one-off factors including the Queen’s jubilee bank holiday and the Olympics which artificially depressed output in the previous quarter.
But despite the strong figures, the development sector remains depressed as construction output figures showed a 2.5% decrease in the quarter, following a 3% decrease in Q2 2012.
Overall GDP volume is estimated to be flat in Q3 2012 when compared with Q3 2011.
jack.sidders@estataesgazette.com
