Recession to be declared over

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THE longest double-dip recession since the 1950s has been declared officially over.

Gross domestic product (GDP) - a broad measure for the total economy - is predicted by City experts to have grown 0.6 per cent between July and September, ending three consecutive quarters of declining output.

But whilst it is good news for the economy, there are warnings that the bounce-back has been largely helped by one-off factors, such as clawed-back activity lost to the extra bank holiday for the Queen’s Diamond Jubilee and a slight lift from the Olympics.