UK economy back in recession

Wednesday, 25th April, 2012

The UK is back in recession after the economy shrank by 0.2% in the first quarter of 2012, according to figures from the Office for National Statistics.

The fall is the second succesive quarterly fall, after GDP shrank by 0.3% in the last three months of 2011. Today’s figure is the preliminary estimate from the ONS, based on only about 40% of the information that will be used to reach later figures. According to the ONS, output of the production industries decreased by 0.4% during the first quarter, while the construction sector output decreased by 3%, a huge rise on the 0.2% decrease seen during the precious quarter.