British economy shrinks by 0.5%
Fin24 - Aug 27th 2012, 09:49
London - Britain's economic output fell by 0.5% in the second quarter, which was better than previously thought but still left the country mired in recession, official data showed on Friday.
"UK gross domestic product (GDP) in volume terms decreased by 0.5% in the second quarter of 2012, revised from the previously estimated 0.7% decline," the Office for National Statistics (ONS) said in a statement.
Smaller-than-expected falls in the production and construction sectors were behind the revision.
The GDP figure tallied with analysts' consensus forecast for a contraction of 0.5% between April and June.
Britain was already in recession after posting two successive negative quarters since late 2011.
The economy shrank 0.4% in the fourth quarter of last year and by 0.3% in the first quarter of 2012. Both these readings were left unchanged.
The ONS added on Friday that economic output dropped 0.5% in the second quarter compared with the same period one year earlier. That also marked an improvement from the prior estimate for a contraction of 0.8%.
Survivor crowned 2019 ABSA Top Ten Pinotage
15/08/2019 - 11:25
Survivor, the unbridled Swartland wine range, has been recognised as one of South Africa’s top Pinotage producers making the cut in the prestigious 2019 ABSA Top Ten Competition.
We need to rethink our food system to tackle climate change
15/08/2019 - 09:19
The way we produce, consume and discard food is no longer sustainable.
Nestlé invests $100m to expand factories in Indonesia
02/08/2019 - 09:11
Nestlé has announced that it will invest $100 million to expand three factories in Indonesia, as the company aims to increase its current production capacity in the country by 25%.
Ethiopa coffee, oilseeds export revenues hit $1.2bn
30/07/2019 - 09:07
The Ethiopian government said the country made more than $1.2 billion in revenue from the exports of coffee and oilseeds during the just-concluded Ethiopian fiscal year that ended on July 7.
Libstar launches world-class par-bake facility
10/07/2019 - 14:51
Libstar, a leading producer and marketer of high-quality products in the consumer packaged goods (CPG) industry, has further increased its competitiveness by expanding one of its facilities to meet key client requirements offering par-baked goods by converting a section of the group’s Amaro Foods’ facility in Epping, Cape Town, into a world-class par-bake facility.