Arab Today, arab today british economy remains flat in november
Last Updated : GMT 08:53:10
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British economy remains flat in November

Arab Today, arab today

Arab Today, arab today British economy remains flat in November

London - AFP

British economic growth was still flat in November as a leading research agency estimated on Friday that the growth of gross domestic products (GDP) was merely 0.1 percent in the three months ending in November. The National Institute of Economic and Social Research (NIESR) said on the growth is expected to resume in 2013, but not at a speed that will close Britain\'s negative output gap and bring down the rate of unemployment next year. The NIESR expected Britain\'s GDP growth at 1.1 percent in 2013 and 1.7 percent in 2014. British official data showed that Britain had escaped recession in the third quarter this year after three quarters of contraction, with its economy growing 1 percent. Yet economists generally regard the unexpected third-quarter growth as unsustainable, which was mainly boosted by one-off factors like the London Olympic Games and one extra working day than the previous quarter. The Treasury on Wednesday released its autumn budget statement, cutting forecasts for domestic economy to a -0.1 percent shrinkage for 2012 and a -1.2 percent growth for next year, amid ongoing eurozone debt problems and feeble global economic situations.

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