What's good for the goose....

Initial GDP figures for Q3 2012 suggest that we are now out of recession and that the economy grew by 1%.

Good news! Or so you would think.

There are plenty lining up though to claim that the "exceptional circumstances" of the Olympics are largely to credit for this and that hence the picture is still quite bleak.

They may well have a point, but I would take them more seriously if these criticisms were not largely coming from the same quarters that reacted with derision when George Osborne tried to claim last year that one off factors such as the extra bank holiday for the Royal Wedding had suppressed growth.

So it would appear that exceptional circumstances should be taken into account, but only when they contribute positively. If they have an adverse effect we're not allowed to hear them mentioned under threat of vilification for any who dare.

Can we have a bit of consistency please? Either they count or they don't.

Personally I would rather just see the figures reported and leave any exceptional stuff to one side no matter which direction. There will often be one off things going on and it seems a bit silly to constantly have these sort of arguments.

For now I'm just pleased we have some good positive growth figures. Hopefully this will help boost confidence and contribute to a virtuous circle that becomes self fulfilling.