U.K. Recession Confirmed

U.K. Recession Confirmed


The U.K. economy entered a double-dip recession in the first quarter as previously estimated, final data from the Office for National Statistics revealed Thursday.
Gross domestic product fell 0.3 percent quarter-on-quarter, in line with the estimate released on May 24. But the decline for the fourth quarter of 2011 was revised to 0.4 percent from 0.3 percent.
Two straight quarters of contraction signals a recession. Also, the economy entered a double-dip recession for the first time since 1970s.
Output of the production industries dipped 0.5 percent, within which manufacturing output fell 0.3 percent in the first quarter. The construction sector logged a sharp decrease of 4.9 percent. Meanwhile, service output grew by 0.2 percent.

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