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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 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. |