Arab Today, arab today uk economy shrinks 02
Last Updated : GMT 04:23:09
Arab Today, arab today
Arab Today, arab today

UK economy shrinks 0.2%

Arab Today, arab today

Arab Today, arab today UK economy shrinks 0.2%

London - AFP

The British economy contracted by a worse-than-expected 0.2 percent in the fourth quarter of last year, official data showed Wednesday, stoking fresh fears of a double-dip recession. \"GDP decreased by 0.2 percent in the fourth quarter of 2011, driven by weakness in the production sector and the construction sector,\" the Office for National Statistics (ONS) said in a statement. The disappointing performance, which comes amid painful government austerity measures and the raging eurozone debt crisis, was a major slowdown from the 0.6-percent growth witnessed in the previous three months. And it marked the first quarterly contraction since the fourth quarter of 2010, when economic activity was hit by freezing weather and fell by 0.5 percent. Market expectations had been for gross domestic product (GDP) to shrink by 0.1 percent in the October-December period, compared with the third quarter. \"Today\'s data suggest that the UK is probably in the midst of a double-dip recession and we expect the economic picture in 2012 to remain gloomy,\" said economist Scott Corfe at the Centre for Economics and Business Research. \"Exports will be sluggish with our main export markets in Europe in recession and other markets slowing down, while investment is unlikely to be buoyant against this background.\" The technical definition of a recession is two successive quarters of contracting economic output. Although Britain is not a member of the eurozone, it relies on the crisis-hit region for the majority of its trade. \"Unfortunately, UK economic activity is likely to get worse before it gets better, with a technical recession likely to be confirmed by first-quarter 2012 GDP numbers,\" said ING economist James Knightley. \"Household spending is constrained by the fact that wages have failed to keep pace with the cost of living for four consecutive years while job insecurity is rising once again,\" added Knightley. \"At the same time, austerity measures mean government spending will contract and the eurozone sovereign debt crisis is hurting exports to the UK\'s largest trading partners.\" Wednesday\'s data came one day after the International Monetary Fund slashed its 2012 growth estimate to just 0.6 percent, compared with the prior forecast of 1.6 percent expansion, and blamed \"intensifying strains\" in the eurozone.  

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 economy shrinks 02 Arab Today, arab today uk economy shrinks 02

 



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 economy shrinks 02 Arab Today, arab today uk economy shrinks 02

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
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 Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
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