The Straits Times
www.straitstimes.com
Published on Oct 25, 2012
 

Britain officially emerges from recession with 1.0% growth

 
 

LONDON (AFP) - Britain has exited its longest double-dip recession since the 1950s after its economy returned to growth in the third quarter with a strong gain of 1.0 per cent, official data showed on Thursday.

Gross domestic product (GDP), or combined value of produced goods and services, rose much stronger than expected during the July-September period after contracting in the previous three quarters.

Market expectations had been for the economy of Britain, which is not part of the euro zone, to have expanded by 0.6 per cent in the third quarter compared with the second after falling into a double-dip recession in late 2011.

"GDP was estimated to have increased by 1.0 per cent in Q3 2012 compared with Q2 2012," the Office for National Statistics said in a statement.