Revision Shows UK Avoided Double Dip Recession in 2011

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

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza