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: April 19, 2015
UAE. Deloitte experts consider that residential transactions have slowed to a more sustainable level; Leveling off in capital growth, in certain areas; This new characteristic suggests a market that is in fact maturing and arguably strengthening.
date:Posted: April 19, 2015
INTERNATIONAL. The EIA once again capitulated on the myth that rig counts don't matter and the productivity of wells would largely offset, leaving the industry on a continuous path to higher output.
date:Posted: April 19, 2015
QATAR. The first Renminbi Clearance Centre (RCC) in the MENA region, to be located in Doha; The RCC will allow for claims denominated in RMB to be settled in Doha and exchanged for other currencies, including the Qatari Riyal (QAR).
UAE. Deloitte experts consider that residential transactions have slowed to a more sustainable level; Leveling off in capital growth, in certain areas; This new characteristic suggests a market that is in fact maturing and arguably strengthening.
dhgate