UK: Great recession was overrated

BRITAIN’S economy shrank less than previously thought during the 2008-09 recession, although the downturn remained easily the worst since modern records began in 1948, revisions to official data showed yesterday. Economic output is now estimated at 4.6 percent lower in 2009 than it was in 2007. The decline had been set at 5.2 percent on June 30 and 6 percent in the last major annual revision to gross domestic product data, in 2013. The Office for National Statistics now believes the economy shrank 0.3 percent in 2008. It estimated 1.1 percent only six weeks ago. – Reuters