Thursday, May 24, 2012

UK Recession Deeper Than Thought....Headline has been set by Someone who hasn't been around for past few years, Obviously

Link The UK double-dip recession is deeper than originally thought after revised figures showed a sharper decline in economic output during the first quarter of the year.

The Office for National Statistics (ONS) has revised downwards its first estimate of fall in gross domestic product (GDP) of -0.2% during the first three months of the year to -0.3%.

It blamed weaker construction output for the poorer economic situation.

After a 0.2% decline in the final quarter of 2011, the new estimate confirms that the UK has entered a technical recession - two consecutive quarters of negative growth.

Ross Walker, RBS UK economist, told Sky News that if the construction sector, which saw a near 5% decline in output, was stripped out of the data the picture was not so bad.

But he warned: "The economy is still basically fairly flat." Read More