Business Business News. The recession the UK entered in the latter half of was slightly less severe than first thought, the Office for National Statistics revealed on Thursday as it released revised figures. The economy still shrunk for two quarters in a row, the definition of a recession, but the total contraction over that six-month period dropped from 0.
This is because of a small revision to the fourth quarter where the rate of contraction fell to 0. Combined with the third quarter, unrevised when measured to two decimal places, that left a slightly lower headline figure, the ONS said.
Across the whole of last year, GDP is thought to have risen 0. Make your next trip to the West End a celebration of women in culture.
When measuring real GDP per person, it is estimated to have fallen by 0. That is because the population has grown faster than GDP. In , GDP per person is estimated to have dropped 0. Create a FREE account to continue reading. Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app. Must be at least 6 characters, include an upper and lower case character and a number.
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