The UK grew in Q3 - by 1%

The release of today’s GDP figures will basically allow everyone across the political spectrum to tell the story they wish to tell.

Growth is back.  After 3 quarters of contraction or, as we economists like to call it, ‘negative growth’ we are back on track to expand.  Well, yes and no.  A 1.0% bounce is great news, but not quite enough to completely wipe out the losses of the last year: in Q3 2011, the index of GDP stood at 103.1 and is now 103.  If I were an Olympian having struggled and pushed myself through 12 months of hard training and effort I’d be disappointed not to have improved my performance even if recent training has been ‘going really well’.

The story of the last 12 months is one of flat activity.  Hmmm.  Not so great then.

The winners in the economic race for a turnaround performance

It's my party .....

The Greeks must feel like they have accepted an invitation to a party that nobody wanted them to turn up to.    They have spent a long time getting ready and even brought a bottle of their favourite wine with them, but the host has turned his nose up at the wine (well Retsina is perfect while on holiday on the Aegean but loses its appeal in cooler northern climes) and explains that it’s not a fancy dress party afterall!  Oops!  Nobody is quite sure how to fill the awkward silence that follows.

A year ago it was not an option that Greece should leave the Euro.  The political leaders of the Eurozone