The Bank of England. Photograph by Adrian Pingstone
Aided by the success of the Olympic Games, the UK economy emerged from recession with the GDP growing by 1.0% for the three months between July and September, beating expectations.
The most substantial growth was in the construction sector which grew 2.5% in Q3, with the service industries growing 1.3%, and production industries growing 1.1% according to official figures from the Office of National Statistics.
One percent growth is only tentative growth, but it is a sign that the British economy has started to recover, with Chancellor George Osborne claiming that the “economy is healing”. The GDP remains 4% below its pre-recession peak, and economists warn that it is too early to early to celebrate, but business leaders across the country have welcomed the news as the first positive signal in nine months.
