By Vivienne Russell | 27 June 2013
Growth remained flat at the start of 2012, meaning there was no double-dip recession, according to the latest estimates from the Office for National Statistics.
The ONS today issued its Statistical Bulletin on the Quarterly National Accounts for the first quarter of 2013. This revised growth between Q4 2011 and Q1 2012 from a fall of 0.1% to flat, thus ‘removing the phenomenon of two consecutive quarters of negative growth’, the ONS said.
However, there was no change to more recent growth figures. The ONS’s estimate of growth between Q4 2012 and Q1 2012 remained at 0.3%.
Gross Domestic Product in this period was estimated to be 3.9% lower than the pre-financial crisis peak in Q1 2008, a bigger fall than the 2.6% previously estimated.
The figures also suggested that the recession had been deeper than initially thought. The peak-to-trough fall of the 2008/09 downturn is now estimated to be 7.2%, down from the 6.3% previously recorded.
