US lifts out of recession as its economy grows 3.5 per cent

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The world's largest economy grew in the third quarter for the first time in a year with an annual rate of 3.5 per cent - the fastest pace since the third quarter of 2007.

The better than expected figure comes less than a week after figures showed that Britain's GDP shrank by 0.4 per cent in the third quarter, making it the country's longest recession on record.

Of the other leading economies, China and India never went into recession, and Germany, France, Japan and Brazil started growing in the second quarter and Russia in the third quarter.

Even Italy is thought to have emerged from recession in the third quarter although it has not yet published its official GDP figure for the quarter.

Shadow chancellor George Osborne said: "These figures are very good news for the world economy, but Britain now stands out as the only major economy still in recession.

"Gordon Brown's claim that we were 'best placed' now lies in tatters. His recession plan has failed."