Arab Today, arab today uk is back in recession
Last Updated : GMT 09:22:01
Arab Today, arab today
Arab Today, arab today

UK is back in recession

Arab Today, arab today

Arab Today, arab today UK is back in recession

London - Arabstoday

Britain\'s economy has fallen back into recession for the first time since 2009 after official figures on Wednesday showed that it unexpectedly contracted during the first three months of the year. The Office for National Statistics said economic output as measured by gross domestic product fell by 0.2 per cent in the first three months of the year from the previous quarter. The first quarter drop follows the 0.3 per cent decline recorded in the last quarter of 2011 and means Britain has returned to recession - two consecutive quarters of negative growth are required for a country to be officially deemed to be in recession. The first quarter decline was unexpected - the consensus in the markets was that the British economy eked out modest growth of 0.1 per cent. \"The government and the Bank of England needed a sharp shock. They just got it,\" said Marcus Bullus, trading director at MB Capital in London. Treasury chief George Osborne said the eurozone crisis has impeded Britain\'s recovery, but he said he would stick to his \"credible plan\" to cut budget deficits. A more detailed look at the official data shows that a 0.1 per cent in Britain\'s big services sector was not enough to offset a 3 per cent in construction and 0.4 per cent in production industries including manufacturing and energy production. Though there have been some concerns raised over the way construction output in particular is measured, Vicky Redwood, chief UK economist at Capital Economics, said she would not dismiss the official data. \"Even if the underlying picture is stronger than the official GDP figures show, there is no guarantee that the recent pickup will continue,\" Redwood said. \"Indeed, we remain comfortable with our view that GDP will contract by about 0.5 per cent this year.\" That prediction contrasts with the government\'s expectation for 0.8 percent growth this year. Britain suffered a deep, 18-month recession which ended in the last quarter of 2009. The recovery, however, has been fitful. Last year, growth was negative in two quarters. Wednesday\'s figure is subject to revision.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk is back in recession Arab Today, arab today uk is back in recession

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk is back in recession Arab Today, arab today uk is back in recession

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday