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: September 14, 2014
UAE. Deloitte survey: "Brand loyalty is becoming more challenging for Middle East hoteliers in this market and meeting the needs of the various travel groupings is becoming vital in winning the loyalty battle."
date:Posted: September 13, 2014
QATAR. It remains to be seen whether the new set of measures will be enough to combat the Eurozone's problems of slow growth, high unemployment and near zero inflation.
date:Posted: September 12, 2014
KUWAIT. A step towards building a regional and global financial direct investment market; The Saudi bourse is the largest in the region with a market capitalization of about US$550 billion.
INTERNATIONAL. Investors with more than US$8 trillion in aggregate AUM will seek first-hand insights into compelling Middle East and North Africa investment opportunities at face-to-face meetings with C-suite executives from top listed companies in the Arab world.
dhgate