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.