UK recession deeper than previously thought

2012-06-28 15:07

Official statisticians say Britain’s current recession is deeper than they had thought.

The Office for National Statistics said today that the economy shrank by 0.4% in the last quarter of 2011, a bigger dip than the 0.3% drop reported previously.

However, the agency confirmed its earlier estimate that GDP fell by 0.3% in the first quarter of this year.

Two consecutive quarters of contraction is the official definition of a recession.

Analysts fear that the recession has continued in the current quarter, in part because of lost production during the extra holiday to celebrate the diamond jubilee of Queen Elizabeth II.

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