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Olympics pulls Britain out of recession

  • The London Olympics helped fuel Britain's strongest quarterly growth in five years, pulling the country out of recession in the third quarter, according to data released on Thursday

    The Office for National Statistics said gross domestic product rose by 1 percent between July and September, beating estimates of a 0.6 percent gain, after decreasing by 0.4 percent between April and June.

    The data was inflated by temporary factors including ticket sales for the London Olympics and a rebound from an extra public holiday in the previous quarter.

    However, the Games provided some much-needed relief for a government accused of promoting austerity measures rather than growth and could prevent the economy from have an overall contraction in 2012.

    Still, the country faces a rough road to recovery as its main trading partner, the euro zone, heads into recession and growth in countries such as China slow down.