Slump worse than thought
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The Office for National Statistics has just revised some previous figures for the changes in GDP, or national production, per quarter:
http://www.ons.gov.uk/ons/rel/naa2/quarterly-national-accounts/q1-2013/index.html
The media have picked up one revision which means that technically there wasn't a double dip recession as GDP didn't fall for two consecutive quarters at the end of 2011/beginning of 2012 (a drop of 0.1% has been revised up to a flatine of 0.0%)
But another bigger and more significant revision is that the slump in production that began in 2008 was much larger than originally estimated. The figure is now 7.2% rather than 6.3%.
So, the figure we must use for the slump in production is now 7%. This means of course that it will take longer for the economy to reach its peak level in 2008.
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