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The UK economy has fallen back into a technical recession, after the Office of National Statistics (ONS) revealed the latest quarterly figures.
A fall of 0.2% in activity was recorded for the first three months of 2012 as the construction sector’s significant falls in activity were said to have been a contributory factor in the economy’s shrinkage.
As the last quarter of 2011 also saw a shrinking in the economy (-0.3%), the much-feared double dip has now occurred, pushing the UK economy back into recession for the first time since the second quarter of 2009.
The first estimate from the ONS takes into account 40% of all economic activity in Q1, so the figure could be revised upwards or downwards once all data is accounted for.