UK back in recession after 0.2 pct Q1 contraction - Apr 25th, 2012 - International
Official figures shows that Britain's economy shrank in the first quarter, putting the country officially in recession for the first time since 2009.
The Office for National Statistics says GDP fell by 0.2 percent in the first three months of the year from the previous quarter. The first quarter drop follows the 0.3 percent decline recorded in the last quarter of 2011. Two consecutive quarters of negative growth are required for a country to be officially deemed to be in recession.
The first quarter decline was unexpected — the consensus in the markets was that the British economy eked out modest growth of 0.1 percent.