The UK economy has emerged from recession, posting a quarter of better than expected economic growth following the Olympic Games.
Official gross domestic product (GDP) figures showed growth of 1% beween July and September, beating forecasts of 0.6% growth during this quarter.
With GDP now around 4% below its pre-recession peak, this news has received a cautious welcome. Whilst the UK has emerged from its double-dip recession, the recovery remains fragile.
According to the Office for National Statistics, ticket sales for the London Olympics are believed to have added 0.2% to the figures.
The service sector is estimated to have grown by 1.3% in the third quarter, following a contraction of 0.1% during the period April to June.
Despite this positive economic news, the UK economy has suffered a major set back and these latest GDP estimates place it in the same position as it was in third quarter of 2011.
Threats from the eurozone sovereign debt crisis remain very real and could easily derail a lasting period of economic recovery.
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