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Britain may shed double-dip recession tag

May 10, 2013 at 12:34 PM   |   Comments

LONDON, May 10 (UPI) -- A revision in construction industry data suggests that Britain may have escaped a double-dip economic recession.

The construction industry shrank in the first quarter of 2012. But a recent revision put the contraction at 5 percent, which is less than the previous estimated contraction of 5.4 percent.

That may be enough to nudge the country's gross domestic product for the quarter from minus 0.1 percent to zero, the BBC reported Friday.

At zero, that means the economy did not shrink for two consecutive quarters, which is the common definition of a recession.

Other data, however, is also subject to revision, which could offset the upward revision in the construction trades.

The official final estimate is due in June, the BBC said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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