The warning was delivered by economists and politicians after the Office for National Statistics revealed that the economy shrank by 1.5 per cent in the final three months of 2008 alone.
The contraction follows a 0.6 per cent fall in gross domestic product (GDP) — the most comprehensive measure of Britain’s wealth generation — during the previous three months. This means Britain fulfils the criteria for a technical recession — two successive quarters of negative output.
Missing the final word there. "Negative output growth".
We\’re really not in the territory where the country produced a negative amount of wealth in the last two quarters. Rather, that the amount of wealth produced (or to be more accurate, the value added in the economy) fell rather than grew.