New Data Shows Recovery Better Than Thought

New Data Shows Recovery Better Than Thought.

The Office for National Statistics (ONS) has revised its estimates for UK Gross Domestic Product (GDP) for during and after the recession.

This comes as new changes take into account the proceeds from charities, illegal drugs and prostitution and includes them in the official figures. The ONS growth has been revised up 0.1% per year between 1997 and 2012, this has led to the ONS suggesting that the recession ended in the third quarter of 2013.

It has previously been thought that the recession ended in the second quarter of 2014.

Due to the changes in calculating GDP the data also suggests that at the peak of the recession the economy shrank by 6% instead of the previously thought 7.2%.