The UK services sector has shown growth at fastest pace and quicker than expected, as has been revealed by a recent survey. This has fueled the hopes that the economy will grow in the fourth quarter.

The Chartered Institute of Purchasing & Supply's Purchasing Managers' Index (PMI) has registered a figure of 56.9 in October from 55.3 the previous month which is the best reading since August 2007. A score of more than 50 indicates growth.

Howard Archer, chief UK economist at IHS Global Insight said, “Taken at face evidence, the pretty robust October service sector purchasing managers' survey appears to significantly advance the case for believing that the UK economy really will finally return to growth in the fourth quarter.”

At the end of last month, Britain’s economy lowered down by 0.4% in the third quarter which confused the expectations of analyst’s to bring the UK economy out of recession between July and September.

The latest figure as expected by the Bank of England’s Monetary Policy Committee (MPC) for boosting its program by another £50 billion is a sign that the UK economy is not yet out of the woods.