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New figures confirm UK in recession - BBC News Revised figures confirm UK is in recession - BBC News
(32 minutes later)
The UK economy fell into recession last year, revised official figures have confirmed. The UK produces one of the quickest estimates of GDP of the major economies, about 40 days after the quarter in question.
Gross domestic product shrank by 0.3% between October and December. At that stage, only about 60% of the data is available, so the figure is revised as more information comes in.
The Office for National Statistics also confirmed that the economy contracted by 0.1% between July and September. As we've been reporting, this time the additional data has not changed the initial assessment and UK economy remains in recession.
A recession is commonly defined as when the economy fails to grows over two consecutive quarters, or three month periods.
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