UK GDP Contraction Deepens

February 25th, 2011
in econ_news

London bridge Econintersect:  The Associated Press (AP) reports the British economy shrank more than previously thought in the final quarter of 2010, according to revised figures released Friday, dealing a further blow to the country's shaky recovery from recession.  The new report states that gross domestic product declined by 0.6%between October and December.   Exactly one month ago the contraction was estimated at 0.5%.  The Office for National Statistics laid the blame on the severe winter weather in December.

Follow up:

But the data also showed that household spending declined 0.1% — the first drop since the second quarter of 2009.  The Office for National Statistics' chief economist, Joe Grice, said stripping out the weather effect left the contraction at around 0.1%.

"The overall picture is still a flattish underlying economy in the fourth quarter," Grice told the British Broadcasting Corp.

But other economists said the data was concerning, particularly as harsh spending cuts from the coalition government are yet to filter through.

Source:  Yahoo News and GEI News 

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.

 navigate econintersect .com


Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2018 Econintersect LLC - all rights reserved