UK Slowdown Even Worse Than Predicted
Published / Last Updated on 23/05/2012
UK Slowdown Even Worse Than Predicted.
According to the Office for National Statistics (ONS), the decline in UK GDP growth in the first quarter of this year was worse than expected. The ONS revised down the contraction from an initial reading which showed a fall of 0.2% to 0.3%.
The downward revision was due to a bigger contraction in construction output than previously estimated. In the final three months of 2011, the economy also shrank by 0.3%, meaning the UK is back in recession.
There are concerns that the UK economy will shrink again in the second quarter of the year as the Queen's Diamond Jubilee could reduce output.