Arab Today, arab today britain on brink of \triple dip\ recession
Last Updated : GMT 10:15:39
Arab Today, arab today
Arab Today, arab today

Britain on brink of \'triple dip\' recession

Arab Today, arab today

Arab Today, arab today Britain on brink of \'triple dip\' recession

London - AFP

Britain\'s economy shrank 0.3 percent in the final quarter of 2012 and recorded zero growth for the year as a whole, official data revealed on Friday, placing the country on the brink of a \"triple dip\" recession. British finance minister George Osborne said he was \"determined to confront\" the economic problems facing the country, which he claimed had been hit hard by the high debt inherited by the government and owing to eurozone strains. \"After growth of 0.9 percent in third quarter, the economy contracted by 0.3 percent in the fourth quarter of 2012,\" the Office for National Statistics said in a statement, adding that gross domestic product growth was flat over the year. \"GDP is estimated to have been flat between 2011 and 2012,\" the ONS said. Should Britain\'s economy shrink also in the current first quarter, then the country will enter its third recession since the 2008 global financial crisis. \"Given that a technical recession requires two consecutive quarters of falling output, this is arguably not a true \'triple-dip\' yet,\" noted Vicky Redwood, chief UK economist at the Capital Economics research group. \"But there are no hard and fast definitions, and another contraction in Q1 is quite possible anyway, especially given the snow disruption.\" Britain was hammered in particular by a 1.8-percent contraction in its production and manufacturing sector. Chancellor of the Exchequer Osborne said the latest data was \"a reminder today that Britain faces a very difficult economic situation.\" He added: \"A reminder that last year was particularly difficult, that we face problems at home because of the debts built up over many years and problems abroad with the eurozone, where we export most of our products, in recession. \"Now, we can either run away from those problems or we can confront them and I am determined to confront them so that we can go on creating jobs for the people of this country,\" Osborne said in a statement. Britain is not a member of the eurozone but has been affected by the neighbouring bloc\'s ongoing financial crisis. Activity has been hit hard also by deficit-slashing austerity measures from the nation\'s Conservative-Liberal Democrat coalition government. In recent weeks, major British retailers have either been forced to close completely or seek outside help to remain operational. DVD rental chain Blockbuster UK and music retailer HMV became the latest casualties last week, entering administration in a bid to stay alive. Camera chain Jessops shut in early January after electrical firm Comet closed its 235 stores just before Christmas. The IMF\'s chief economist, Olivier Blanchard, had urged Britain on Thursday to lessen the pace of its austerity programme because of the risk that it could fall back into recession this year. Blanchard said Britain\'s annual budget statement due in March would be a good time for finance minister George Osborne to \"take stock\" of his programme of deep spending cuts and tax hikes. As Britain suffers, Europe\'s top economy Germany appears to have put the worst of the region\'s debt crisis behind it, separate data showed on Friday, with business confidence rising to its highest level in seven months. The German data, coupled with the Britain\'s GDP figures, pushed sterling to a 13-month low point against the European single currency in Friday trading. \"The silver lining for the UK\'s production industries could be the weak pound, which nose-dived after the GDP release, which may benefit UK exports in the coming months,\" said analyst Kathleen Brooks at trading group Forex.com. Britain\'s economy contracted in the fourth quarter after expanding by 0.9 percent in the third quarter of last year, when the country also exited a double-dip recession. However the third-quarter growth was boosted by one-off factors, including the London 2012 Olympic Games and rebounding activity after an extra public holiday for Queen Elizabeth II\'s Diamond Jubilee. Britain sank into the first phase of a double-dip recession in 2008 amid the devastating global financial crisis that sparked a number of vast banking bailouts. The economy rebounded in late 2009, but struggled before falling into a second downturn in late 2011, which lasted for three quarters as the eurozone crisis loomed large.

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 britain on brink of \triple dip\ recession Arab Today, arab today britain on brink of \triple dip\ recession

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom, China plunges into snow biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom, China plunges into snow biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 05:34 2017 Monday ,27 February

Brexit sows seeds of doubt for British farmers

GMT 06:38 2017 Sunday ,26 February

US rig count increases

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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