Arab Today, arab today uk fall into recession
Last Updated : GMT 17:42:38
Arab Today, arab today
Arab Today, arab today

UK fall into recession

Arab Today, arab today

Arab Today, arab today UK fall into recession

London - Arabstoday

The UK and a number of eurozone countries look to be heading deeper into recession, a clutch of new surveys has revealed. The data, which shows the UK economy shrank more than first thought in the first quarter of the year and output from the eurozone has fallen sharply, back fears of contagion from the Greek debt crisis and triggered calls for a response by central banks. The revised UK gross domestic product (GDP) reading from the Office for National Statistics (ONS) came as a particular surprise and saw a Treasury minister call for action from the Bank of England. The data showed GDP shrank by 0.3% between January and March, down from a first estimate of 0.2%. Much of the deterioration was due to a steep decline in construction of 4.8% - the sector\'s steepest fall in 11 years. Labour said the revised figures from the Office for National Statistics (ONS) showed that the coalition government\'s austerity programme had failed, and called on David Cameron for a change of course to boost growth and jobs. But Treasury minister Chloe Smith insisted the Government would not be deflected from its drive to get the deficit down. \"We need to stick to our path. It would not be acceptable to fail to deal with our debts,\" she said. Ms Smith indicated that the most appropriate response might be for the Bank of England to print more money or cut interest rates, as the International Monetary Fund recommended in its report on the UK economy this week. Meanwhile, the composite Purchasing Managers\' Index (PMI) for the single currency area, which provides a snapshot of the continent\'s services and manufacturing sectors, fell to 45.9 in May, down from 46.7 in March. This is the lowest reading since June 2009. Any figure below 50 indicates a contraction in activity. \"[The] dismal PMI figures clearly indicate that the eurozone economy remains in dire straits and provide a clear warning that eurozone GDP will almost certainly show a contraction in Q2 after stagnating in Q1,\" said Martin van Vliet of ING. The disappointing data, combined with the continuing uncertainty about Greece\'s future in the single currency, pushed the value of the euro to a two-year low of $1.2515 against the US dollar on the foreign exchanges yesterday. The Italian prime minister, Mario Monti renewed his call for joint guarantees on eurozone debt yesterday, despite the firm rejection of the idea by Germany at this week\'s informal European leaders\' summit in Brussels. The data comes hot on the heels of news that activity in the European economy fell to a three-year low in May The second estimate, which could be revised later, means the UK is in a technical recession - defined as two quarters of decline in a row - following a 0.2% fall in national income in the final three months of 2011.

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 fall into recession Arab Today, arab today uk fall into 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 fall into recession Arab Today, arab today uk fall into 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 Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Girl barred from Malaysia chess competition

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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