GDP revised up – but recession still with us

28 July, 2011


This morning’s GDP figures showed a slight upward revision for the third quarter this year – but still indicate a 0.3% shrink in the economy for the period.

The UK economy has contracted for 6 consecutive quarters, the longest unbroken run since records began in 1955.

The revision was not worse than expected – so we have seen a mixed reaction on foreign exchange markets, with the Pound falling initially but recovering slightly after the announcement.

There is no further major UK data released this week.