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The Recession is over, as UK GDP rises

The Office for National Statistics (ONS) has revealed that the UK double-dip recession is officially over, after the economy grew by 1pc in the third quarter leading to September.

This represents the fastest rate of growth for the economy in the last five years, and brings to an end a nine month period in which the economy shrank continuously.

This represents hope that the economy is finally heading in the right direction, however there are warning s from Prime Minister, David Cameron, that there is a rocky road ahead. He said: “We still have a long way to go and there will still be difficulties ahead, but I think these figures do show that we are on the right track”.

This 1pc growth means that in total the economy is 0.3pc better off than at the start of 2012, which could be considered a bigger achievement taking into account the Queen’s Diamond Jubilee, for which an extra working day was lost, and the wet weather conditions experienced over the summer months that contributed to a poor harvest. It is still not known exactly what effect the Olympic games had on the UK economy, but it is thought that that the sales of tickets alone could have contributes as much as 0.2pc to the growth witnessed.

The economy is still around 3pc short of where it was prior to the recession, but economists at RBS say that the ‘good news’ is that the service sector has finally past its own pre-crisis peak.

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