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It's official: UK in double dip recession 25 April 2012

The Office of National Statistics has confirmed analyst predictions that the UK has returned to recession, making it an official ‘double dip’.

The economy contracted by 0.2% for the first three months of 2012, the second quarterly decrease in a row (following the 0.3% decline witnessed in the last quarter of 2011).

While these figures are provisional, based on around 40% of the total economic information gathered, they show that the output of the production industries decreased 0.4% in Q1.

This follows a decrease of 1.3% in the fourth quarter of 2011.

Construction sector output decreased by 3% in the first quarter of the year after a drop of 0.2% in the previous quarter.

Output of the service industries increased by 0.1 per cent in Q1 2012, following a decrease of 0.1 per cent in the previous quarter.

GDP in volume terms is flat in Q1 2012, when compared with Q1 2011

 

 

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