UK recession confirmed as GDP falls 0.3%

Data from the Office for National Statistics (ONS) left the fall in UK GDP  unrevised from the previous estimate. The fall was in line with estimates, and means the UK is officially back in recession following a 0.3% decline in Q4. The main cause of the decline in Q1 was down to the manufacturing and production industries. Output of the production industries fell 0.5%, while manufacturing output shrank by 0.3%, a worrying sign given the coalition government's plans to grow the economy out of recession by re-builidng the UK's manufacturing industry. The fall in GDP comes against ...