Economists caution of potential UK recession after GDP figures show economy shrinking

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The UK economy has contracted for the first time since 2012, as GDP figures reveal the country is one step away from recession

Fears of a second recession in 11 years have been raised after new figures showed the UK GDP has fallen by 0.2%.

The findings from the Office of National Statistics (ONS) represent the first decrease in performance of the economy since 2012.

A second successive three-month period of economic contraction would mean the country has slipped into a recession for the first time since 2009.

While Chancellor of the Exchequer Sajid Javid remains optimistic about British fiscal fortunes, some economists are beginning to fear the worst.

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