Olympic effect helps UK economy

Latest News Tue, Mar 22, 2016 5:04 PM

Olympic effect helps UK economy

The UK economy emerged from recession in the three months from July to September, helped by the Olympic Games.

The economy grew by 1.0%, according to official gross domestic product figures (GDP), which measure the value of everything produced in the country.

The Office for National Statistics said that Olympic ticket sales had added 0.2 percentage points to the figures. 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.

The ONS said 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.

The GDP figures were also enhanced by comparison with the previous three months, because the second quarter had an extra public holiday as part of the Diamond Jubilee celebrations in June, as well as unusually bad weather, which reduced growth.

The data is a preliminary estimate from the ONS, meaning that the third-quarter figures could be revised higher or lower.

The ONS said that the economy had contracted by 6.4% between the start of 2008 and the middle of 2009, and had since recovered about half of that output.

The level of output in the third quarter of 2012 was almost exactly the same as it had been in the third quarter of 2011.

 

Featured News

Specification news
Nominations are now open for the 2026 Pump Industry...

The British Pump Manufacturers Association is excited to announce that the nomination...

Read More >>

Specification news
Landmark South Bank project named Overall Winner at...

A bold reinvention of a Grade II-listed office building on London’s South Bank has...

Read More >>

BUILDING PRODUCT LIBRARY - LATEST BROCHURES

HPS200 Ultra Case Study Brochure Brochure

HPS200 Ultra Case St...
By Tata Steel

Download Now >>

Confidex Datasheet Brochure

Confidex Datasheet
By Tata Steel

Download Now >>

Prisma UK 2024 Brochure

Prisma UK 2024
By Tata Steel

Download Now >>

HPS200 Ultra UK Brochure

HPS200 Ultra UK
By Tata Steel

Download Now >>

Amtico Bio Support Document  Brochure

Amtico Bio Support D...
By Amtico

Download Now >>

BUILDING PRODUCT DIRECTORY - LATEST PRODUCTS

​The Confidex® Guarantee
​The Confidex® Guarantee

Offers the most comprehensive guarantee for pre-finished steel products in Europe and provides peace...

Read More >>

Colorcoat HPS200 Ultra®
Colorcoat HPS200 Ultra®

Colorcoat HPS200 Ultra®Super durable guaranteed performance.Designed to withstand even the most...

Read More >>

Prisma
Prisma

Colorcoat Prisma®Aesthetics that last, guaranteed.Colorcoat Prisma® demonstrates a step change by...

Read More >>

CONSTRUCTION VIDEOS - LATEST VIDEOS

Mira Vista Heatloop
Mira Vista Heatloop

Mira Showers is delighted to introduce the new Mira Vista HeatloopTM – an innovative and stylish...

Watch Now >>

Why our Canopies Last Longer
Why our Canopies Last Longer

https://www.aandslandscape.co.uk/ Find out why A&S Landscape Canopies last longer than alternatives....

Watch Now >>

Enclosed Dining Canopy - Hampton Gardens School
Enclosed Dining Canopy - Hampton Gardens School

A&S Landscape designed and installed a large enclosed, curved roof canopy for Hampton Gardens School...

Watch Now >>