Oh dear it's all gone a bit Pete Tong. The recovery has slipped with a 0.5% decline in GDP (as well as growth in the previous quarter revised downwards from 0.8% to 0.7%. To provide historical perspective on where our economy is at the ONS points out that:
"GDP fell 4.6 per cent in the 1980s recession, by 2.5 per cent in the 1990s recession and by 6.4 per cent in the 2000s recession."
Factors at play - weather? Cuts in government spending? Inflation taking its bite? As with much of this data you require two sets of figures before you can really know what is going on but the nature of the Coalition means the wobbles may begin before then.
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