News in brief: Businesses most upbeat since 2002, Spain shakes off two-year recession, Lookers sees car sales accelerate

Business confidence in the recovery has hit its highest level since 2002, suggesting fourth-quarter GDP has got off to a robust start, according to the Lloyds Business Confidence Barometer.

Of the firms questioned, 72% said they were more optimistic about the economy than three months ago while just 9% were less upbeat. Some 61% of 300 surveyed firms with turnovers of more than £1 million said they expected their prospects to improve, up from 59% in September.

Spain has emerged from recession after two years, official figures showed today. GDP eked out a 0.1% expansion between July and September, the first quarter of growth since 2011.

Growth was boosted by tourism revenues. However, the figures from the state statistics agency also showed that domestic demand is still contracting. Unemployment in Spain remains high at 26.2%.

Car dealer Lookers today joined rivals Pendragon and Inchape in forecasting better than expected profits in 2013, as sales of new and used vehicles in the UK car market continue to pick up.

Lookers, which owns the Taggarts and Charles Hurst brands, said sales of new cars were up 19%, and used cars 20%, in the first nine months of 2013, compared to the same period last year.