First Posted: 10/25/2013
(AP) Official figures show that Britain’s economic recovery gathered pace in the third quarter, in perhaps the clearest sign yet that the recovery is becoming more self-sustaining.
The Office for National Statistics estimated Friday that Europe’s third-largest economy expanded by 0.8 percent in the three months ended Sept. 30, compared with 0.7 percent in the previous quarter. The rise was in line with expectations.
The figures also showed that output increased in all major groupings, such as manufacturing, the services sector and construction.
The British economy has now grown for three straight quarters after narrowly missing falling into recession for a second time since the 2008 financial crisis.
The economy is still estimated to be around 2.5 percent smaller than before its peak of the first quarter of 2008.