UK exits double dip recession

Thursday, 25th October, 2012

The UK has exited the double-dip recession after reporting growth of 1% cent during the third quarter of 2012.

The output of the production industries was estimated to have increased by 1.1% in the third quarter, following a decrease of 0.7% between the first and second quarters of the year.

Output for the service industries was estimated to have increased by 1.3% in the third quarter. This followed a decrease of 0.1% between the first and second quarters.

However, construction sector output was estimated to have decreased by 2.5% in the third quarter. It had shrunk by 3% between the first and second quarter.

The economy first went into recession during 2008, before coming out again in 2009.