Skip to comments.U.K. Returns to Recession in First Quarter on Building Slump
Posted on 04/25/2012 4:29:35 AM PDT by Hojczyk
The U.K. economy shrank in the first quarter as construction output slumped, pushing Britain into its first double-dip recession since the 1970s and raising pressure on officials to salvage the recovery
Gross domestic product contracted 0.2 percent from the fourth quarter of 2011, when it shrank 0.3 percent, the Office for National Statistics said today in London. The median of 40 estimates in a Bloomberg News survey was for a gain of 0.1 percent. A technical recession is defined as two straight quarters of contraction.
The report will heap further pressure on Prime Minister David Cameron as he faces criticism of his handling of the economy and questions about the relationship between senior government ministers and Rupert Murdoch's News Corp. It comes at a time when prospects are dimming in the euro region, Britain's biggest export market.
(Excerpt) Read more at finance.yahoo.com ...
Returns to recession? We never left.
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