简体中文
World Biz
Figures show Britain suffered no double-dip recession
Last Updated: 2013-06-28 00:03 | Xinhua
 Save  Print   E-mail

The UK economy hasn't suffer a double-dip recession since the 2008 global financial crisis, Britain's Office for National Statistics (ONS) said on Thursday.

The ONS revised Britain's GDP growth between the last quarter of 2011 and the first quarter of 2012, saying growth was flat in the first quarter of 2012, instead of an earlier estimate of a 0.1 percent contraction.

The revision removed the phenomenon of two consecutive quarters of negative growth, the common definition of a recession.

As a result, the UK economy didn't experience a recession at the beginning of 2012, meaning there was no double-dip. But the damage done was worse than figures had revealed up until now.

"Even with no official recession the economy was still very weak moving into 2012. Indeed, the revised figures still show the British economy contracted by 0.6 percent between the third quarter of 2011 and the second quarter of 2012,"George Buckley, chief UK economist with Deutsche Bank, explained.

Meanwhile, the ONS said that the GDP grew by 0.3 percent in the first quarter of 2013, boosted by growth of consumer spending and overall investment.

0
Share to 
Related Articles:
Most Popular
BACK TO TOP
Edition:
Chinese | BIG5 | Deutsch
Link:    
About CE.cn | About the Economic Daily | Contact us
Copyright 2003-2024 China Economic Net. All right reserved