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LONDON: Britain’s economy emerged from recession in the third quarter with robust growth of 1.0 percent, official data confirmed yesterday, in what was set to be only a brief respite from world financial strains.
“UK gross domestic product (GDP) in volume terms increased by one percent between the second and third quarter of 2012, unrevised from the previously published estimate,” the Office for National Statistics said in a statement.
An initial ONS estimate last month showed Britain — a member of the European Union but not the eurozone — powered out of its longest double-dip recession since the 1950s with a GDP gain of 1.0 percent between July and September. But Britain’s strongest quarter-on-quarter rate for five years came thanks to one-off factors such as the London Olympic Games.
“Quarterly UK GDP growth in Q3 has been left unrevised in the second estimate at a solid one percent, but most of this reflected temporary factors and evidence is building that activity in the fourth quarter has relapsed,” said Vicky Redwood, chief UK economist at the Capital Economics research group. “The spending breakdown showed a decent rise in consumer spending of 0.6 percent quarter-on-quarter, but at least part of this reflected an Olympics boost.”