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UK recession was deeper than initially thought

While figures from the Office for National Statistics have today confirmed that the UK economy is well and truly out of recession, at least for the time being, we also saw revisions of earlier data. The result is that since the recession began in April 2008, gross domestic product in the UK plunged by 6.2% at its lowest point against initial estimates of a 6% reduction. This further reflects the massive impact which the credit crunch and worldwide recession have had on the UK economy after the boom times of the last decade.

These revised figures from the Office for National Statistics have been well received by analysts but they do in many ways pinpoint their vulnerability in the short term. We have seen many economic figures revised at a later date and analysts are now becoming more and more concerned about the reliability of the data.

However, unfortunately there is no easy way to collect all of the data required in an orderly manner in an instant. As a consequence the main data is collected as soon as possible and forecasts are released using this data which is then backed up, or revised, using more detailed information made available further down the line.

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