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UK double-dip recession revised away UK double-dip recession revised away
(34 minutes later)
The UK economy did not experience a double-dip recession at the end of 2011 and the first half of 2012, the Office for National Statistics (ONS) has confirmed. The UK economy did not experience a double-dip recession at the beginning of 2012, official figures have shown.
Updating its historical data, the ONS showed that the growth figure for the first quarter of 2012 was flat. 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.
A recession is technically classed as two consecutive quarters of negative growth. 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.