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U.K. Sees Double-Dip Recession

Slump in construction results in 0.2% decrease in Q1 GDP.

By Jennifer Ryan, Bloomberg | Updated on April 25, 2012

The U.K. economy shrank in the first quarter as a slump in construction pushed Britain into its first double-dip recession since the 1970s.

Gross domestic product fell 0.2 percent from the fourth quarter of 2011, when it declined 0.3 percent, the Office for National Statistics said today in London. The median of 40 estimates in a Bloomberg News survey was for an increase of 0.1 percent. A technical recession is defined as two straight quarters of contraction.

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