UK Back In Recession!

25 April 2012 16:30 - Florence Fullalove

    



UK Back In Recession!

The Office for National Statistics (ONS) has said that the UKs economy contracted by 0.2% in the first quarter of 2012. Following a 0.3% decline in Gross Domestic Product (GDP) in the last quarter of 2011 Britain has now fallen into technical recession, defined as two quarters of decline in a row. It is the first double-dip recession since 1975 and will disappoint as economist had predicted the economy to grow by 0.1% in the January to March period.

The ONS said the fall in GDP was driven by the biggest fall in construction output for three years, while the manufacturing sector failed to return to growth. The results will be a heavy blow to the coalition Government. Chancellor George Osborne said, Its clearly disappointing news, I'm not disguising that. It reminds us that Britain faces a very tough economic situation because we built up enormous debts over the last decade, we had an unbalanced economy, and our recovery is not helped by the fact that much of Europe is in recession or heading into recession. He added, The question being asked at the moment is, should we borrow even more or spend even more in some discretionary way in the middle of a debt crisis? I think the British people understand that thats not right.

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Related Links :
Office for National Statistics - GDP: Preliminary Estimate, Q1 2012
World Economic Calendar - Scheduled Economic Events
Latest News - Regular News Updates

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