GDP figures out this morning show a 0.2% dip in the first quarter to the end of March, following a previous reduction in GDP in the last quarter. All this means a disastrous double-dip recession.

Over the last few months, the general feel has been that things may not have been as bad as many were predicting at the end of 2011. Consumer confidence was on the rise, business confidence was on the increase and manufacturing and export data was showing positive steps forward. We’ve also had some large contracts for new investment being placed on these shores, helping the motor industry.

Despite the late surge in fuel sales at the end of March due to the Government’s poor choice in words causing panic buying, this still couldn’t halt a 0.2% dip in the first quarter.

0.2% may not seem much, but it’s the symbolism that is more important here than the number. It’s the term ‘recession’ which is going to now be banded about the media stations and will undoubtedly stir up feelings of when the recession bit hardest during late 2008 and all through 2009.

We can’t let this derail a positive start to this year though. Trading conditions are a little better than in previous quarters, people are starting to spend again, prince increases seems to have halted somewhat and the determination to succeed is back. Yes this is bad news, but we have to remember it’s been worse and we have made it through better than most gave us credit for. So digest this news, file it away and get back to what we do best; doing better than most expect us to!