Olympics help lift UK out of recession - NIESR

The UK is out of recession and had its strongest quarter in two years over the three months to September, according to NIESR.

In its October estimate of GDP, the National Institute of Economic and Social Research said output grew by 0.8% in third quarter following 0.1% growth in Q2.

It said this was the most robust rate of growth since the three months to July 2010. However, it said this stronger figure was partly caused by one-off events such as the London Olympics, and the actually number will be lower once these effects are removed.

Stripping out the extra bank holidays in the summer and Olympic ticket sales, UK growth for the quarter will be closer to 0.2%-0.3%, said NIESR. This still means with two consecutive quarters of positive growth, the economy has escaped double-dip recession.

The UK remains in the midst of a double-dip recession after the economy contracted 0.4% in the fourth quarter of last year, and then again by 0.3% in the first quarter of 2012 and 0.4% in the second quarter, according to ONS figures.

This month the British Chamber of Commerce said the UK is officially out of recession with 0.5% growth for Q3.

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