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
china wholesale market

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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SAUDI ARABIA. "There has been relatively little change in the real estate market in Riyadh in the second quarter of 2015 although recent changes to mortgage regulations have caused downward pressure in the residential sales market."
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INTERNATIONAL. "If the customer is not the key focus in all activities, whether it is improvements in delivery times or query resolution processes, efforts are wasted."
SAUDI ARABIA. "There has been relatively little change in the real estate market in Riyadh in the second quarter of 2015 although recent changes to mortgage regulations have caused downward pressure in the residential sales market."
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