The UK economy grew by 1% between July and September, boosted by increased output from the industrial and service sectors.
Manufacturing was estimated to have increased by 1.1% during these three months compared to April to June, which saw the UK economy officially enter a double dip recession.
The announcement, hinted at by Prime Minister David Cameron yesterday, comes after brand Britain sold itself at the 2012 London Olympics.
Olympics fever translated into economic growth that made the three months to September the UK’s strongest quarterly expansion for five years.
The growth pulls the UK out of a double dip recession that saw the economy shrink by 0.7% during the first six months of the year.
Food and drink companies and services increased by 6.1% compared to the previous month and the automotive sector continued to grow, this time by 6.4%
Terry Scuoler, chief executive of the manufacturers’ organisation EEF, said that “manufacturing and the wider economy has mounted a strong rebound.”
However, Mr Scuoler commented that “it’s unlikely this pace of expansion will be maintained into the new year” as the UK’s economic performance has been skewed due to a series of one-off events.
Economist Chris Williamson said that “there is a real risk” the economy will return to contraction in the final three months of the year with September signalling sales stagnation.
