'UK back in recession' - think-tank

MoneyThe UK has slipped back into recession after the economy contracted in the first quarter of 2012, an influential think-tank has warned.

Gross domestic product (GDP) - a broad measure for the total economy - is on course to have fallen by about 0.1% in the three months to the end of March, the Organisation for Economic Co-operation and Development (OECD) said.
The gloomy forecast comes after official figures revealed the economy contracted by 0.3% in the final quarter of 2011, which was worse than the previous estimate of a 0.2% fall.
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A decline in the first three months of 2012 will mean the UK is officially back in recession, which is defined as two quarters in a row of declines.

The OECD also warned the recovery for the world's biggest economies would be fragile, with the outlook for Europe "very weak".

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