UK economy boosted in third quarter

The UK's economy grew by one per cent in the third quarter of the year after three consecutive periods of falling Gross Domestic Product, according to new figures.

Indeed, the Office for National Statistics (ONS) revealed that while the construction industry struggled, other sectors gained to help take the UK out of a double-dip recession.

While the positivity surrounding the Olympics and Jubilee is thought to have been a contributing factor in this, the nation's small businesses are also likely to have benefitted.

"There is still a long way to go, but these figures show we are on the right track," explained Chancellor of the Exchequer George Osborne.

"Yesterday's weak data from the eurozone were a reminder that we still face many economic challenges at home and abroad."

It comes after statistics from the Federation of Small Businesses, published earlier this month, revealed that small firms make up 47 per cent of private sector employment.

Posted by Thomas Fletcher

Last updated: 25th October 2012