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: October 20, 2014
UAE. "The proposed Amanat IPO is strong evidence of continuing interest in regional and international interest in IPOs in the UAE and the GCC more widely, despite the recent softening in equity markets globally."
date:Posted: October 20, 2014
SAUDI ARABIA. Food and rental inflation accelerate; Jadwa revises its estimates for average annual inflation to 2.8% for 2014, slightly down from 2.9%.
date:Posted: October 20, 2014
UAE. The strengthening economic fundamentals, the amelioration in the risk profile of major regional countries, the governmental implementation of key business-friendly reforms are all stimulating factors for deal generation activity, according to a Bureau van Dijk and MENA Research Partners report.
UAE. The strengthening economic fundamentals, the amelioration in the risk profile of major regional countries, the governmental implementation of key business-friendly reforms are all stimulating factors for deal generation activity, according to a Bureau van Dijk and MENA Research Partners report.
dhgate