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: July 22, 2016
INTERNATIONAL. Just 10% of insurers have strategic plans in place for the arrival of driverless vehicles; It will be up to 20 years before they become mainstream.
date:Posted: July 22, 2016
INTERNATIONAL. The botched coup was nothing but, as he put it, "a gift from God" to purge what is left of Turkey's democracy and cleanse the army and judiciary in order to ensure the total subordination of all institutions to his whims.
date:Posted: July 22, 2016
INTERNATIONAL. 90% of non-tech companies face increased competition from digital adopters; 67% plan acquisitions to upgrade their digital capabilities.
INTERNATIONAL. The botched coup was nothing but, as he put it, "a gift from God" to purge what is left of Turkey's democracy and cleanse the army and judiciary in order to ensure the total subordination of all institutions to his whims.
dhgate