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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INTERNATIONAL. China returned from their week long new year celebrations while the dollar resumed its ascent on a combination of stronger US data and the soon-to-begin period of quantitative easing in Europe.
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QATAR. The risk of a Greek exit is remote, but even if it happens, it poses less risks to the global economy than it did in 2012; Other items to dominate the foreseeable global economic agenda.
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UAE. "In the next five years, the UAE will see more sophisticated and segmented offerings to adapt to different customers' needs and maximise sales in each. This approach will range from luxury brands to mid-range and low-end value retail alike."
UAE. "In the next five years, the UAE will see more sophisticated and segmented offerings to adapt to different customers' needs and maximise sales in each. This approach will range from luxury brands to mid-range and low-end value retail alike."
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