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News - 26 July 2012
UK recession continues into a third quarter
The Office for National Statistics has reported that the UK recession has continued and deepened with output falling by 0.7% between April and June 2012. The contraction follows a 0.3% drop in the first three months of the year.
Bad weather during the summer and the extra June bank holiday for the Queen’s Jubilee are being blamed for some of the fall but it was much bigger than had been anticipated. The figures could be revised in the coming months as more information comes in. The first estimate is largely based on information that is incomplete for the last month of the quarter [June].
If the figures are correct, they would represent the worst four-year peacetime period for the UK economy in at least 100. The output of the economy is 4.5% lower than it was before the recession in 2008.
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Office of National Statisitics