Olympics helps UK leave recession behind
Gross domestic product (GDP) in the UK grew by one per cent in the third quarter of 2012 - meaning the country is no longer officially in a recession.
A major factor in this growth has been the Olympics 2012, bbc.co.uk reports - with ticket sales, increased activity in the hospitality sector and strong performances by employment agencies all being linked to the showpiece sporting event.
The UK economy had contracted for the previous three quarters and, while experts had predicted growth for the three months from July - September, one per cent surpasses many expectations.
Stephanie Flanders, economics editor at the BBC, remarked: "The positive 'surprise' in these figures is largely to be found in the service sector, which is estimated to have grown by 1.3 per cent in the third quarter, after shrinking by 0.1 per cent the three months before."
While chancellor George Osborne hailed how the country is on the "right track", his opposite number in the Labour party, Ed Balls, stressed the importance of sustaining this economic recovery - according to sky.com.
Mr Balls admitted that the boost from the Olympics was "welcome", but he suggested that a plan is required to make sure this initial growth leads to more positive news. He pointed out that the economy is at just about the same level as it was this time last year in terms of GDP.