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GDP revised down
24 May 2012

Today's GDP figures have revised last month's estimate downwards, to a -0.3% quarterly contraction, and the first year-on-year contraction for some years. Hopes of an improvement to the figure on its second reading, which may have technically meant the UK was not in recession, have proved unfounded.

The Pound will not take favourbaly to the figures, althgouh the slight revision downwards is not a huge shock to the markets, which are still concentrating on the escalating Euro crisis. Those of you waiting for better exchange rates to make an international payment however, may have longer to wait as a prolonged recession will not help sterling.

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