I was premature last month in thinking that the recession might already have ended. The latest growth estimates from the NIESR are out, and suggest that the economy shrank by 0.4% in the April-June quarter.
Not nice, although much better than the 2.4% drop in the previous quarter. As the press release puts it:
the UK economy is now stagnating rather than continuing to contract at a sharp pace
Which is something.
Indeed, breaking it down into monthly figures, GDP was up in June – perhaps the beginning of the end.
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