UK economy in double-dip recession

The UK economy has returned to recession, after shrinking by 0.2% in the first three months of 2012.

A sharp fall in construction output was behind the surprise contraction, the Office for National Statistics said.

A recession is defined as two consecutive quarters of contraction. The economy shrank by 0.3% in the fourth quarter of 2011.

BBC economics editor Stephanie Flanders says it "adds to the picture that the economy is bumping along the bottom".

She said economic output was slightly smaller now than it was in the autumn of 2010.

Wednesday's figure is an early estimate and is subject to at least two further revisions in the coming months. It is compiled using 40% of the data gathered for later revisions.

The UK economy was last in recession in 2009.

'Catastrophic'

Prime Minister David Cameron said the figures were "very, very disappointing". (from BBC)

Media anti-government hype. -0.2% is hardly any different to +0.2%. Hardly a reccession is it ?

How's the job situation? that is more important to people who have to scrape a living!!!

If you want a job, you can get one. But if you're going to be fussy about what you do, you may struggle.

its still a recession kingcole..thats why your greedy government is targetting the channel islands..they need to collect every penny they can...what will they do next i wonder..could it be stopping goods coming into guernsey that dont have vat on them.

So doing it's job of looking after the interest of the population of the UK is being greedy is it.

What about you using tax relief measures originally introduced to help your local growers to compete in the UK markets to entice international firms into the Island to enable them to evade UK tax and gain an advantage over firms operating in the UK ? Is that not greed on your part ?

-0.2% is hardly a calamity ! Just the media making a mountain out of a molehill.