LONDON, Oct. 21 (Xinhua) -- Official figures has shown that the Olympics effect helped to lift Britain out of recession in the third quarter of 2012, the Observer said on Sunday.
The National Institute of Economic and Social Research has forecast a third-quarter growth rate of 0.8% between July and September, putting an end to the shrinking for the previous three quarters in the longest double-dip recession since the second world war.
"That would mark the official end of the recession," said the English newspaper.
However, economists are already warning that the comeback will be short-lived, with growth in the third quarter artificially inflated by temporary factors including Olympics spending and the recovery from the extra jubilee bank holiday in June.
Rachel Reeves, shadow chief secretary to the Treasury, said: "This one-off boost from the Olympics is not a long-term strategy and it should not breed yet more complacency from ministers, however big it is.
"Even growth of 1% would simply mean the economy is the same size as a year ago. The big questions are what is the underlying level of growth in our economy, what growth can be generated in future quarters, and whether and how we can catch up all the ground we have lost over the last two years."