UK falls back into recession

The UK is back in recession, following negative growth for the second straight quarter.

The UK has fallen back into recession, after the economy shrank in the first quarter of 2012.

According to the Office of National Statistics (ONS), gross domestic product (GDP) fell by 0.2%. This follows a fall of 0.3% in the final quarter of 2011. Two consecutive months of negative growth are classified as a recession.

The ONS put the fall down to a weakness in the construction sector and public sectors. Output in the construction sector fell by a whopping 3%, following a fall of 0.2% in the previous quarter.

The performance of the service sector is also a disappointment, having been forecast to grow by 0.5%, when it reality it grew by just 0.1%.

More on the economy:

UK inflation in surprise increase in March

Why the super-rich are good for us

Inflation basket: how Robert Pattinson and Apple affect our money

Three years of low interest rates: winners and losers

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