Office for National Statistics revises growth figures down to -0.3% following downwards revision of construction output

state of play

The UK economy is in a deeper recession than previously thought following a downwards revision in contraction output, revised figures from the Office for National Statistics show.

The UK economy contracted 0.3% in the first quarter of 2012, revised down from 0.2% in the original estimates published at the end of April.

The new figures follow a deepening of the recession in the construction sector revealed earlier this month.

The ONS now estimates construction output fell 4.8% in the first quarter of 2012 - its April estimate put the decline at only 3%.