UK GDP still shrinking

Stat of the day: 4% - The amount GDP has fallen since before the financial crisis

by
Last Updated: 09 Oct 2013
Another day, another less-than-cheery outlook on the future of the British economy. This time it's from the National Institute of Economic and Social Research.

The think tank reckons that GDP will stay flat, inflation will fall below the 2% target and unemployment will rise by 9%. It also highlighted that four years after the recession started, the UK economy is still 4% smaller than it was at its peak.

Official figures released last week showed the UK is back in recession, after the economy contracted by 0.2% in the first three months of the year. The NIESR says the outlook remains glum, and that growth this year will be close to zero. Happy Friday.

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