The British economy has ceased to contract, but the economic activity remains weak with a gross domestic product growth of 0.1 percent in the three months to May, the National Institute of Economic and Social Research (NIESR) said Tuesday, releasing its monthly GDP estimates.
In the three-months to April, the GDP fell 0.1 percent. "We expect the UK economy to remain broadly 'flat' over the next 6 months," the think tank said.
With the economy stagnant, the negative output gap is likely to widen further. However, the economic recovery will begin to take hold in 2013, despite the persistence of significant downside risks, the Institute said.
Official figures show that the economy entered a double-dip recession in the first quarter of 2012 with the GDP contracting 0.3 percent sequentially.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.