UK recession deeper than feared24/05/2012 - 10:41:20
The double-dip recession in the UK is deeper than originally feared as revised figures today showed a sharper decline in the economy in the first three months of the year.
Gross domestic product (GDP) shrank by 0.3% between January and March, the Office for National Statistics (ONS) said, down from a first estimate of 0.2%.
The change was driven by a worse-than-previously estimated performance from the nation’s builders, as construction output fell 4.8%, down from a drop of 3%, the steepest decline in 11 years.
The second estimate, which could be revised later, means the UK is in a technical recession – defined as two quarters of decline in a row – following a 0.2% fall in the final three months of 2011.
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