Revised recession figures.

The UK's recession is not as deep as first thought. Last weeks estimates suggested a 0.7% fall in output. The Office for National Statistics now says the actual figure is 0.5%.

It is thought construction didn't fair as badly as first thought and came in higher than expected. The revision is small and the economy is still more than 4% below its pre-recession peak.

tbg. believes GDP will rebound this current quarter. A rise in consumer and government spending, as well as the economic boost from the Olympics will be recorded in the July to September quarter and should lift growth.