UK: Double-Dip Recession was an error

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Perhaps giving some merit to the saying “95% of statistics are made up”, the Office for National Statistics (ONS) have today revised their economic figures for the first quarter of 2012.

You may remember that this was thought to be the second consecutive period of contraction and so it was officially considered another recession. This is referred to as a “double-dip recession” and it seemed to reinforce the viewpoint that many people have of this government as being incompetent.

But it turns out this was all just a great big misunderstanding after all and the economy did not contract as previously thought – presumably this is now correct until they change their minds again!

Did your business suffer a dip at the start of 2012, perhaps as a result of the poor weather?

Related story via BBC Business News

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