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News - 24 May 2012
Double dip recession slightly deeper than first estimate
The Office for National Statistics (ONS) has announced that a larger than anticipated contraction in construction shrank the UK economy by 0.3% in the first three months of the year; slightly more than the initial estimate of 0.2%
The revised figures for the first quarter showed that output in the construction industry fell by 4.8% compared with the initial estimate of 3%.
There are also concerns that the UK economy will shrink again in the second quarter of the year. Mervyn King, the governor of the Bank of the England, has warned that the Queen's Diamond Jubilee could reduce output.
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Office of National Statisitics