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

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UAE. The YPO Global Pulse Confidence Index for the Middle East and North Africa declined for the fifth consecutive quarter, falling nearly one point to 56.4, below the global confidence level of 58.0; Economic confidence in the UAE fell 7.2 points to 50.3, its lowest score in the six-year history of the index.
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