Economy

conomy tracker: GDP

* GDP

* Jobs

* Inflation

* Interest rates

* House prices

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UK GDP growth, quarter on previous quarter%Source: ONS-0.2%199019952000

Understanding GDP:

* Gross domestic product is a measure of a country's economic activity, namely of all the services and goods produced in a year

* It is based on a huge survey of businesses and government departments compiled by the Office for National Statistics

* An economy is generally considered to be in recession if it has contracted for two consecutive quarters

* The first figures for any quarter are known as the "flash estimate" as they are based on incomplete data. The figures are revised at least twice as more information is collected

Background:

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* Debts

* Mortgages

* Savings

* Pensions

* Losing your job

After 1992, the UK economy and average household incomes enjoyed a period of unbroken growth.

But in 2008, the global financial crisis plunged the UK into its longest and deepest recession since comparable records began in the 1950s.

More than a million people lost their jobs as businesses - from shops to manufacturers and banks - either closed or laid off staff.

Consumer spending had been rising in the years leading up to the crisis thanks to a buoyant housing market and cheap and easy credit.

But the credit crunch and job fears meant consumers cut spending, deciding to pay off debt and save instead.

A fall in demand at home, and from abroad, hit businesses. They also found that borrowing from banks - which most rely on - was harder or more expensive.

The recession ended in the middle of 2009, as the economy began to grow. But economists say the UK has not experienced a bounce-back as big as the ones seen after the recessions in the 1980s and 1990s.

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How recessions compareGDP: % change from peakMonth from...