Neville Prior

No Double-Dip in the UK

Neville Prior  27 June 2013 10:11:39 AM
The UK economy did not experience a double-dip recession at the beginning of 2012, official figures have shown. Updating its historical data, the Office for National Statistics (ONS) said growth was flat in the first quarter of 2012, revised from an earlier estimate of a 0.1% contraction. This meant the economy did not contract for two quarters in a row - the definition of a recession.

The ONS also said the recession in 2008 was deeper than previously estimated. Gross domestic product (GDP) during that time is now estimated to have plunged by 7.2% from peak to trough, against a 6.3% fall previously recorded.

Meanwhile, the ONS confirmed that GDP grew by 0.3% in the first quarter of 2013.
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