The British economy shrank for a second consecutive quarter in the first three months of 2012, meeting a widely-used definition of recession, according to data released Wednesday by the U.K. Office for National Statistics
First-quarter gross domestic product shrank 0.2%, following a 0.3% contraction in the fourth quarter
Compared to the first quarter of 2011, GDP was flat
Economists surveyed by Dow Jones Newswires had forecast quarterly growth of 0.1% and a 0.4% year-on-year rise
The British pound traded 0.3% lower versus the dollar at $1.6095 and was down from around $1.6143 ahead of the data
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