UK GDP revision implies even bigger productivity plunge

5th October 2011

GDP is now estimated to have fallen by 7.1% between the first quarter of 2008 and the second quarter of 2009 versus a previous 6.4% decline between the same starting quarter but a later trough in the third quarter of 2009. The subsequent recovery has been marginally stronger than in the earlier data – 2.8% rather than 2.7% by the second quarter of 2011 – so the latest level of GDP is 0.5% lower than previously thought, relative to the pre-recession peak.  

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