THE DOUBLE DIP THAT NEVER WAS
The UK’s double dip is set to be revised away this week as data suggests that the economy is growing report Harris & Co accountants Northampton who specialise in providing innovative accountancy services to ambitious small and medium sized owner managed businesses in Northampton.
The revisions are expected to affect the third estimate of growth for the first quarter of this year as well as earlier years.
Expects expect that the original tiny 0.1% contraction in the economy in the first three months of 2012 will be revised away because of stronger than originally reported construction growth. Ths would mean that the “double-dip” - the second leg of the recession between the fourth quarter of 2011 and the second quarter of 2012 – never in fact happened.
More good news on the economy is that retail sales in the year to May rose to their highest level since records began and gross mortgage lending rose 21% in the month - its highest monthly level of increase since 2008.