Olympics help pull the UK out of recession

The UK is officially out of recession - partly thanks to the economic boost provided by the London 2012 Olympics.

Figures from the Office for National Statistics (ONS) show that the UK economy grew by 1 per cent in Q3 2012 (July to September) - much more than economists had expected.

Among the sectors showing growth during the period was hospitality - hotels showed greater activity, with higher output in July and August being attributed to the Olympics.

The arts and entertainment sector too has been showing strength for some time, with further growth in the most recent quarter. According to the ONS report, there was evidence from survey returns that output in the cultural sector was "higher in July and August because of the Olympics".

To read the full ONS Q3 report, click here.