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UK / Double-dip recession could have been a ‘statistical error’

Office for National Statistics says that the trend in economic output was ‘best described as flat’

Real GDP in UK recessions. Source: ONS

The Office for National Statistics has paved the way for erasing Britain’s double-dip recession from the history books, arguing in an article on Wednesday that the state of the economy since autumn 2010 is better described as “flat”.

The standard definition of a recession is two consecutive quarters of negative GDP growth, and the ONS’s current estimates show nine months of consistent decline, starting in the final quarter of 2011.

Chosen excerpts by Job Market Monitor from Double-dip recession could have been a ‘statistical error’, ONS says | Business | The Guardian.

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