Britain avoided a double-dip recession in 2011 but suffered a deeper than first estimated collapse in output following the financial crash, according to official figures that show the economy is further away from a full recovery than previously thought.
The Office for National Statistics said the revisions to quarterly growth figures at the beginning of 2012, which were widely expected, indicated the economy was slightly stronger and converted a 0.1% fall in activity into flat growth. Without a fall in GDP in the first three months of 2012, Britain did not suffer two consecutive quarters of negative growth and a double-dip recession.
The ONS said, however, that the 2008/2009 downturn was deeper than first estimated, meaning that economic output was now 3.9% lower than its pre-crunch peak, compared with a previous estimate of 2.6%.
via The Guardian