'Great recession' sent GDP tumbling 7.2% #AS2013

The Chancellor said in total, rather than the 6.3% decline seen across the economy following the fallout from the financial crisis, GDP had actually declined by 7.2%. However, he re-affirmed there was no "double-dip" recession. Delivering the Autumn Statement, Osborne raised GDP expectations for 2013 to 1.4%, well above the 0.6% predicted by the OBR in March. Looking further ahead, he also raised GDP forecasts for 2014 from 1.8% to 2.4%. However, 2015's forecast was revised down from 2.3% to 2.2%. Further out, he said 2016's 2.7% annual growth had been revised to 2.6%, while ...