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UK double-dip recession revised away UK double-dip recession revised away
(35 minutes later)
The UK economy did not experience a double-dip recession at the beginning of 2012, official figures have shown.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.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. This means 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. But the ONS 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. Gross domestic product (GDP) during that time is now estimated to have dropped 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. That means that GDP in the first quarter of 2013 was 3.9% lower than its peak in the first quarter of 2008 - previously it was estimated to be 2.6% below.
Escape velocity
Analysts said the fact that the UK had fallen deeper into recession than previously thought, meant it had further to go to recover lost ground.
"It certainly looks as if the UK is a step further away now from escape velocity," said Victoria Clarke from Investec.
Lee Hopley, chief economist at the EEF manufacturers' organisation, said: "Output across the economy and manufacturing has made up less ground since the end of the recession than previously thought and signs of any sustained rebalancing towards trade and investment remain elusive."
Meanwhile, the ONS confirmed that GDP grew by 0.3% in the first quarter of 2013 - growth largely helped by a stronger performance from the construction sector.