Arab Today, arab today recessionthreatened britain awaits key growth data
Last Updated : GMT 01:21:23
Arab Today, arab today
Arab Today, arab today

Recession-threatened Britain awaits key growth data

Arab Today, arab today

Arab Today, arab today Recession-threatened Britain awaits key growth data

London - AFP

Britain is to find out on Wednesday whether it is officially back in recession or if the non-eurozone member has avoided a fresh downturn amid severe cuts to state spending and spreading debt tensions. All will be revealed when the Office for National Statistics publishes its first official estimate of British gross domestic product (GDP) for the three months to the end of March. Highlighting the extent of Britain\'s debt strains, official data Tuesday showed public sector net debt as a percentage of gross domestic product -- excluding the cost of bank bailouts -- hit a record high 66 percent in March. Britain\'s total debt stands at £1.022 trillion (1.25 trillion euros, $1.65 trillion), the ONS revealed. The country\'s economy meanwhile shrank by a worse-than-expected 0.3 percent in the fourth quarter of last year. A further contraction would put the country back in recession -- defined as two consecutive quarters of negative growth. However, market expectations are for slender growth of 0.1 percent, after a raft of recent encouraging economic data. \"The main concern from the first-quarter UK GDP figure is whether or not the UK will slip back into a technical recession,\" said Phil McHugh, senior analyst at Currencies Direct. \"Recent opinion has shifted on the back of strong retail sales and lower unemployment figures ... (but) there is a real possibility that we could experience a second consecutive quarter of negative growth.\" British retail sales volumes rebounded by a strong 1.8 percent in March from the previous month as unusually warm weather boosted demand for clothes and gardening gear, official data showed last week. Panic buying of petrol, caused by a threatened strike by fuel tanker workers, also helped retail sales climb last month by the fastest pace since January 2011. In another positive development ahead of Wednesday\'s GDP data, recent official figures showed that the number of jobless Britons fell in the three months to February, marking the first quarterly decline in almost a year. The number of unemployed fell by 35,000 over the period to 2.65 million people. That was the first quarterly decline since the three months to May 2011. However, economist Howard Archer warned that anaemic activity in the construction sector could push Britain back into recession. \"There is serious concern that reported very weak construction output will have been a major drag on the economy and resulted in a second (consecutive) quarter of GDP contraction, thereby officially putting the economy back into recession,\" said Archer, a senior economist at IHS Global Insight. Economic stormclouds are still also looming large over the eurozone, which is a key trading partner for Britain. Data on Monday showed that debt-ravaged Spain slumped back into recession in the first three months of 2012. Scarred by soaring public debt and surging unemployment, the eurozone member\'s economy contracted by 0.4 percent in the first quarter after a 0.3-percent decline in the last three months of 2011. Overall, the 17-nation eurozone\'s output shrank by 0.3 percent in the fourth quarter of last year.

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 recessionthreatened britain awaits key growth data Arab Today, arab today recessionthreatened britain awaits key growth data

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
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 Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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