This morning the Office of National Statistics announced that the UK’s economy had grown by 1% according to the official gross domestic product figures (GDP).
This growth comes amid difficult times for the global economy so, although there is a long way to go, it indicates that the UK is heading in the right direction.
Areas of growth include the production industries whose output has increased by 1.1% in the third quarter of 2012, when compared to the second quarter, and the service industries which have grown by 1.3%.
In response to these growth figures, the Chancellor of the Exchequer, George Osborne, has issued the following statement:
“There is still a long way to go, but these figures show we are on the right track. This is another sign that the economy is healing and we have the right approach: we've cut the deficit by a quarter, over a million new jobs have been created in the private sector, inflation is down, and the economy is growing.
Yesterday’s weak data from the eurozone were a reminder that we still face many economic challenges at home and abroad. By continuing to take the tough decisions needed to deal with our debts and equip our economy for the global race we’re in, this Government is laying the foundations for lasting prosperity.”