1.11 Revised data from the Office for National Statistics (ONS) show the peak-to-trough fall in UK output during the 2008-09 recession is now estimated to have been 7.1 per cent, deeper than for any major economy except Japan.
1.12 In line with recoveries from previous financial crises, growth in the UK has been subdued; and as with all recoveries, particularly from deep recessions, quarterly growth has been choppy. Growth has been modest in the first half of 2011 at 0.5 per cent. The ONS estimates that GDP grew by 0.5 per cent in the third quarter of this year.