Recession over but 'depression' to last until 2013 - NIESR

The NIESR's monthly estimates, which historically produce accurate forecasts compared with the final ONS figures, suggest output grew by 0.4% in the three months ending January, following on from a 0.1% growth in the three months ending December. But it adds the improvement is more a consequence of the fact output in October was unusually weak, rather than a clear indication a significant recovery is underway. The NIESR says it interprets the term ‘recession' to mean a period when output is falling or receding, while ‘depression' refers to a period when output is depressed below its p...