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April 25, 2012

BBC: UK in Double Dip Recession

By Spear's

The UK economy has returned to recession, official figures have shown.

The UK economy has returned to recession, official figures have shown.

The economy shrank by 0.2% in the first three months of 2012, the Office for National Statistics (ONS) said. This followed contraction of 0.3% in the last three months of 2011.

The ONS said there was a sharp 3% fall in construction output, the biggest fall for three years, adding that it had double-checked the figures.

A recession is defined as two consecutive quarters of contraction.

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