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Europe Live Saturday 25th May 2013

Greater recession in the UK

2nd July 2012

The recession is slightly worse than estimated to date in the UK, according to a new official estimate published on 28th June 2012, which confirms a decline of 0.3% in the GDP in the first quarter; the figure cocerning the last three months in 2011 was revised downwards. The Office for National Statistics said, as it also did in May, that the British economy had contracted by 0.3% between January and the end of March in a third and final estimation. The bad news applies to the fourth quarter of 2011 for which the ONS is now saying that the GDP declined by 0.4% in comparison with a previously estimated contraction of 0.3%.

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