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25/10/2012
Olympics Help Pull Economy Out Of Recession
Newly published figures have shown that the Olympic Games helped the economy emerge from recession in the three months from July to September.
The economy grew by 1.0%, according to official gross domestic product figures (GDP), which measure the value of everything produced in the country.
Olympic ticket sales added 0.2 percentage points to the figures, the Office for National Statistics said.
All Olympic and Paralympic ticket sales counted towards July to September's GDP figure.
The economy had been in recession for the previous nine months and has still not recovered the levels of output seen before the financial crisis in 2008.
However the ONS added that beyond the effect of ticket sales it was hard to put an exact figure on the Olympic effect, although it cited increased hotel and restaurant activity in London as well as strength from employment agencies.
Shadow chancellor Ed Balls praised the news but said that the figures "show that underlying growth remains weak".
"A one-off boost from the Olympics is welcome," he said. "But it is no substitute for a plan to secure and sustain the strong recovery that Britain desperately needs if we are to create jobs, get the deficit down and make people better off."
(H)
The economy grew by 1.0%, according to official gross domestic product figures (GDP), which measure the value of everything produced in the country.
Olympic ticket sales added 0.2 percentage points to the figures, the Office for National Statistics said.
All Olympic and Paralympic ticket sales counted towards July to September's GDP figure.
The economy had been in recession for the previous nine months and has still not recovered the levels of output seen before the financial crisis in 2008.
However the ONS added that beyond the effect of ticket sales it was hard to put an exact figure on the Olympic effect, although it cited increased hotel and restaurant activity in London as well as strength from employment agencies.
Shadow chancellor Ed Balls praised the news but said that the figures "show that underlying growth remains weak".
"A one-off boost from the Olympics is welcome," he said. "But it is no substitute for a plan to secure and sustain the strong recovery that Britain desperately needs if we are to create jobs, get the deficit down and make people better off."
(H)
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