UK economy grows 1%

After falling back into recession and three consecutive quarters of contraction, the UK economy grew by 1% in the three months from July to September.

While this marks some much welcomed positive news concerning our economy, business groups are still cautious, with the Institute of Directors group saying the expansion was good news “but not enough to pop the champagne corks”.

1% of growth was larger than most analysts expected and was boosted by one off factors such as the Olympics, however this does leave many wary that this period of growth itself could be a one-off and that figures for the final quarter of 2012 will reveal the true nature of how the UK economy is doing.

But at least for now we can all feel a little better that we’re no longer in a recession.