The UK is back in recession after a surprise 0.2% contraction in the economy in the first quarter of the year, official figures revealed today.
The decline in gross domestic product (GDP) was driven by the biggest fall in construction output for three years, while the manufacturing sector failed to return to growth, the Office for National Statistics (ONS) said.
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Filed under: * Economics, Politics • Economy • Consumer/consumer spending • Corporations/Corporate Life • Housing/Real Estate Market • Labor/Labor Unions/Labor Market • The Banking System/Sector • The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- • Politics in General • * International News & Commentary • England / UK • Europe • --European Sovereign Debt Crisis of 2010
Posted April 25, 2012 at 5:21 am
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