By Marcus Leach
The Office for National Statistics (ONS) have released data that points towards the start of a recovery for the British economy. The economy grew by 1.0% between July and September, compared with the previous three months.
The official figures take into account the value of everything produced in the economy in the three months from July to September - including the boost to the economy from the Olympic Games.
The ONS said that Olympic ticket sales had added 0.2% to the official GDP figures, as the economy shows signs of growth for the first time in nine months.
In terms of individual sectors, production, which includes manufacturing grew 1.1%, service sector by 1.3% and construction fell by 2.5%.
However, on a more cautious note the economy, whilst in positive growth for the last three months, has not recovered to the levels of output seen before the financial crisis in 2008.
"What have we learnt today? More than anything, perhaps, that the Prime Minister is no good at keeping secrets," Jason Conibear, trading director at forex specialists, Cambridge Mercantile, said.
"We've emerged from the double dip but nobody is denying that we've had the wind behind us.
"It's hard to quantify but the real figure, minus the Olympic boost and other one-off factors, is likely to be roughly half this.
"We're back in the black and it's better than many had anticipated.
"This better than expected data comes on the back of a number of positives in recent weeks, not least falling inflation, unemployment and stronger retail sales but major question marks remain over the UK economy.
"The UK economy is fundamentally tied to the Eurozone, our biggest export market, and that keeps the domestic economic recovery on a knife edge.
"With the global economy as finely balanced as it is, there's every chance we could see more contraction during 2013."
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