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.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 24, 2018
UAE. In 2017 off-plan dominated the market landscape accounting for 60-70% of all sales; However, in the first quarter of 2018 we have witnessed a reversal where ready sales account for nearly half of the overall activity.
date:Posted: April 23, 2018
UAE. Seventh annual PwC report shows how risk leaders around the world are effectively addressing challenges that accompany innovation.
date:Posted: April 22, 2018
UAE. As many as 492 hospitality projects worth US$39.4 billion are currently in progress - including tendering stage and under construction; The number of active hotel projects in the GCC reached 724, worth US$78 billion in March 2018.
UAE. In 2017 off-plan dominated the market landscape accounting for 60-70% of all sales; However, in the first quarter of 2018 we have witnessed a reversal where ready sales account for nearly half of the overall activity.
dhgate