British recession deeper than previously thought
Source: BI-ME with AFP , Author: Posted by BI-ME staff
Posted: Thu June 28, 2012 1:56 pm

INTERNATIONAL. Britain's recession is deeper than thought as official data on Thursday shows the economy shrank 0.3% in the first quarter following a higher-than-expected 0.4% contraction in late 2011.

The Office for National Statistics said in a statement that British gross domestic product (GDP) shrank 0.3 percent between January and March compared with the final quarter of last year -- confirming its previous reading.

But it revised its data for the fourth quarter of 2011, stating that GDP contracted by 0.4% between October and December, worse than a previous estimate of minus 0.3%.

A recession is defined as two quarters running of contraction.



date:Posted: November 30, 2015
INTERNATIONAL. The aggressive 5% sell-off in the Shanghai Composite Index on Friday presented risks to the market and weighed on both European and US futures as last week drew to a conclusion.
date:Posted: November 30, 2015
UAE. S&P Survey - conducted by Gallup, GFLEC, and World Bank - finds major deficiencies globally in understanding of savings and borrowing; GCC has large financial literacy gaps across income and education.
date:Posted: November 30, 2015
UAE. Union Bancaire Privée: 2016 will be about the search for modest growth, while Fed fund rates will be hiked for the first time since 2007; While the US is further along into its recovery, Europe and Japan are only in the early stages.
Monogram Ring