Advertise with fastmoving.co.za
 
 

British economy shrinks by 0.5%
British economy shrinks by 0.5%

British economy shrinks by 0.5%

INTERNATIONAL NEWS

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%. 

Related News

There's no truth to importers' threats about 'expensive' chicken
05/06/2019 - 08:58
Don't rely on the chicken importers for the facts. In a massive public relations exercise to turn opinion against higher import tariffs, they have relied on assertion, misdirection, misinformation, and bluster. Facts are few and far between.

Construction underway on Paledi Mall's R130m expansion
27/05/2019 - 15:22
Building contractors are on site at Paledi Mall in the rural Limpopo town of Mankweng, with construction underway on the 7000m² third phase expansion of the centre that will take it to 32,000m² in size. The project will entrench the mall’s position as a regional shopping centre for the community with several new stores, service offerings, and leisure spaces.

Load-shedding knocks mining and manufacturing in the first quarter
13/05/2019 - 09:36
Despite a better performance in March, both sectors recorded contractions in the first quarter of the year - with production severely constrained by load-shedding.

Manufacturing growth far lower than expected
14/03/2019 - 15:46
The manufacturing sector saw tepid growth at the start of 2019.

GDP growth for 2018 slightly higher than expectations
05/03/2019 - 14:29
SA emerged out of 2018 with growth of 0.8% — which is slightly higher than expectations.