Gross Domestic Product: Recession

Gross Domestic Product: Preliminary Estimate, Q1 2012: ONS

  • The chained volume measure of GDP decreased by 0.2 per cent in Q1 2012
  • Output of the production industries decreased by 0.4 per cent in Q1 2012, following a decrease of 1.3 per cent in the previous quarter
  • Construction sector output decreased by 3.0 per cent in Q1 2012, following a decrease of 0.2 per cent in the previous quarter
  • Output of the service industries increased by 0.1 per cent in Q1 2012, following a decrease of 0.1 per cent in the previous quarter
  • GDP in volume terms is flat in Q1 2012, when compared with Q1 2011

Economic Review – April 2012:  ONS

GDP and the Labour Market – 2012 Q1: ONS

TUC on new GDP figures

Commenting on the news that the UK economy is back in recession, TUC General Secretary Brendan Barber said:

‘This is worse than expected. There has been no growth over the last year, and the economy is 0.5 per cent smaller than six months ago.”

Double dip recession announcement devastating but not surprising – TUC

CBI surprised by latest official GDP figures

GDP figure paints unduly pessimistic view of economy – British Chamber of Commerce

Negative GDP figure could affect sentiment among businesses – British Chamber of Commerce

Double dip recessiona blow to consumer mood – BRC

Confidence takes a battering – IoD

UK economy in double-dip recession: BBC

The UK economy has returned to recession, after shrinking by 0.2% in the first three months of 2012.

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