GDP declines for second straight quarter

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The UK economy has slipped back into recession after GDP fell 0.2% during the first quarter of this year.

GDP had previously declined by 0.3% in the fourth quarter of 2011.

A recession is defined as two consecutive quarters of contraction.

Figures from the Office of National Statistics reveal the economy failed to grow over the last year and has recovered less than half the output during the 2008 and 2009 recession.

The ONS reported that output is still 4.3% below its pre-recession peak, and said growth has been uneven over the past 18 months and is “well below where it would have been if it had followed the path of either of the recessions in the early 1980s and early 1990s”.

 

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