Transcript by Newsy: www.youtube.com BY TATIANA DARIE Recession is back- in the UK. Official figures for the first quarter show the UK has fallen back into recession - making it the first double dip recession in the country since the 1970s. The BBC has more... "GDP, gross domestic product, is the term for everything the economy produces. If it falls for six months you get a recession. There was a drop at the end of last year and now another one 0.2%." Sky News economics editor Ed Conway comments - this is the longest recession in Britain's economic history.... "Longer than in the 30s, longer than in the 20s and there still to be no sign of where we are going to get that growth from. So it is disappointing." The Office for National Statistics shows the decline in gross domestic product was fueled by a fall in the construction and manufacturing sectors- something that left analysts skeptical. The Wall Street Journal reports... "Surveys of purchasing managers in services sugges! ted activity in that sector has been considerably stronger than the headline numbers suggest. The apparent collapse in construction activity is also raising eyebrows, since the UK had a much milder winter this year than it did last year and house prices appear to be holding up better." The latest numbers stand in contrast to the 0.1 per cent growth the economists forecasted. But some experts have questioned the accuracy of the data, claiming other polls and surveys are more encouraging. Andrew Goodwin ...
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