News Summary: UK recession over, economy grows 3Q

The Associated Press    Translate This Article
25 October 2012

RECESSION OVER: Britain's economy emerged from its nine-month recession in the July- September quarter, when spending on the Olympics helped it grow 1 percent.

BETTER THAN EXPECTED: Economists predicted growth of 0.6 percent for the period. It was the strongest quarterly growth in five years, bringing economic output back to the same level of a year ago.

IMPLICATIONS: The upturn will make the Bank of England less likely to approve a further round of economic stimulus in November, analysts say.

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