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The UK economy has grown at its fastest rate for 5 years

16 January 2013 Last updated at 00:00 GMT

The UK economy has grown at its fastest rate for five years lifting the country out of the longest double-dip recession since the 1950s.

Figures released show the economy grew by 1.0%, according to official gross domestic product figures (GDP), which measure the value of everything produced in the country, ending three consecutive quarters of declining output.

Chancellor George Osborne said the figures show "we are on the right track" but the bounce-back may have been driven by one-off factors such as the Olympics. The third quarter also had one more working day than the previous quarter due to the Queen's Diamond Jubilee bank holiday.

Hugh Pym reports.