Gross domestic product is the economic output of Britain. See how it has changed over time
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Britain has emerged from double-dip recession. The first estimate for the third quarter has been placed at 1%, up from the -0.4% in the second quarter of 2012.
The GDP growth is the strongest rate since the third quarter of 2007 according to the latest release by the Office for National Statistics (ONS). Heather Stewart writes today:
All of the income from Olympics tickets was counted towards economic output in the third quarter, whenever it was spent, and the ONS believes ticket sales alone may have added 0.2% to GDP. It said it was "not possible to quantify" other effects, such as increased employment and a boost to creative industries.
In the second quarter of the year, when growth declined by 0.4%, the ONS said output had been depressed by the extra bank holiday cutting the number of working days, and could be up to 0.5% higher in the third quarter as a result.
The ONS explain the data as follows:
• Output of the production industries rose by 1.1% in Q3 2012 compared with Q2 2012
• Output of the service industries was estimated to have increased by 1.3%
• Output of the construction industry fell by 10.8% between Q3 2011 and Q3 2012
• GDP in volume terms was estimated to have been flat in Q3 2012 in comparison to Q3 2011
A technical recession is defined as two or more consecutive quarters of economic decline. That means the UK has emerged from double dip recession.
The data we have gathered shows percentage change in GDP going back to 1948, we have a spreadsheet to download that shows GDP in cash, ie what it was that year not adjusted for inflation, total inflation-adjusted figures and per capita inflation adjusted figures.
The figures show how recessions compare - thanks to the National Institute of Economic and Social Research for the data.
As several of our posters below have pointed out, there's more to life than GDP – but here are the latest GDP figures from the ONS for you to explore.
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