Tuesday 21 November 2017

Video: Britain exits recession with quarterly growth of 1pc

BRITAIN’S finance minister George Osborne said on Thursday the latest GDP data showed the economy was on the mend but there were still challenges ahead due to weak data coming from the eurozone.

Figures released on Thursday showed Britain pulled out of recession in the third quarter, posting its strongest quarterly gross domestic product growth in five years.

"There is still a long way to go, but these figures show we are on the right track," Osborne said in a statement. "This (is) another sign that the economy is healing ..."

He added ,however: "Yesterday's weak data from the euro zone were a reminder that we still face many economic challenges at home and abroad."

The Office for National Statistics said Britain's gross domestic product rose by 1pc between July and September, beating forecasts for a 0.6pc gain, after shrinking by 0.4pc between April and June.

On the year, the economy was flat, better than expected.

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business