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UK recession is ‘over’ claims think tank

UK recession is ‘over’ claims think tank

Category: Economy

Updated: 10/10/2012
First Published: 10/10/2012

MONEYFACTS ARCHIVE
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The UK is no longer in the depths of a recession, according to the National Institute of Economic & Social Research (NIESR).

In its latest monthly estimate the NIESR confirmed that Gross Domestic Product (GDP) increased by 0.8% in July, August and September after just 0.1% in the previous quarter.

The two consecutive quarters of growth in the UK, assisted by the London 2012 Olympics and a scattering of Bank Holidays, reflected the most robust rate of growth since July 2010.

The report stated: "Unless output turns down again, the recession is over, while the period of depression is likely to continue for some time.

"We do not expect output to pass its peak in early 2008 until 2014."

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