UK enters double-dip recession
According to official figures published on 25th April 2012 the UK has entered into a double-dip recession. The definition of recession is 2 consecutive quarters of falling output. Although a provisional estimate, the data shows that the economy shrank by 0.2% in the first three months of 2012. This followed a contraction of 0.3% in the last three months of 2011.
At the time of writing, the first quarter figures for furniture production are not available. The latest data refers to February 2012 and according to the official figures when adjusted for seasonal variations, furniture production is down 2.9% on a year ago. The latest published quarterly figure relates to the last 3 months of 2011 and that shows that the industry had already suffered 2 consecutive quarters of falling output.
The next production figures are published on 10th May 2012.
For the latest GDP figures click here.