Olympics gives UK economy leg-up out of recession

Latest Office for National Statistics figures reveal one per cent rise in GDP for third quarter of 2012

The UK economy has crawled out of recession, achieving one per cent growth in the third quarter of 2012.

According to the latest Office for National Statistics (ONS) figures, production industry output increased by 1.1 per cent in Q3 when compared with Q2, but the construction sector was still struggling, decreasing by 2.5 per cent in the quarter.

A BBC News report said Olympic ticket sales had added 0.2 percentage points to the figures, with all Olympics and Paralympics ticket sales counting towards the quarter's figures.

In addition, the figures were enhanced by comparing them with the previous three months which featured an extra public holiday as part of the Queen's diamond jubilee celebrations in the summer.

The ONS said that since the financial crisis, the economy had recovered about half its output.

Third-quarter GDP in 2012 was almost exactly the same as it had been in Q3 2011.