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Economy fell 0.3% in first three months of 2012

Economy fell 0.3% in first three months of 2012

Category: Economy

Updated: 24/05/2012
First Published: 24/05/2012

MONEYFACTS ARCHIVE
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The economy contracted by more than was originally thought in the first three months of the year, the Office for National Statistics (ONS) has said.

It was confirmed that the UK had fallen back into recession last month, but the ONS now says that output fell by 0.3%, not 0.2% as was originally predicted.

Original estimates made about GDP are often revised up or down as more data become available.

The forecast for the UK's performance in the first three months of the year could yet be changed again in the coming months.

The fall in output seen in the first quarter of the year was confirmation that any lasting and sustained recovery still eludes the UK.

The change will come as another blow for the coalition Government, which will once again face calls to ease its programme of austerity.

The ONS said that the latest downward revision was a result of a bigger than expected contraction in output from the construction industry.

In April, the ONS said that the sector had fallen by 3% in the first three months of the year, but that has been changed to 4.8%.

There were less pronounced falls in the service and manufacturing industries, which both saw output decline by 0.1%, while manufacturing was flat.

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