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10/25/12

Britain climbs out of the double-dip recession - by Jamie Grierson

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 showed today.


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.

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.

Read more: UK bounces back from double-dip recession - Business News - Business - The Independent

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