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UK is back in recession, says OECD
worldtraveller
Posts: 14,013 Forumite
The UK has slipped back into recession after the economy contracted in the first quarter of 2012, an influential think-tank warned today.
Gross domestic product (GDP) - a broad measure for the total economy - is on course to have fallen by about 0.1% in the three months to the end of March, the Organisation for Economic Co-operation and Development (OECD) said.
The gloomy forecast comes after official figures revealed the economy contracted by 0.3% in the final quarter of 2011, which was worse than the previous estimate of a 0.2% fall.
A decline in the first three months of 2012 will mean the UK is officially back in recession, which is defined as two quarters in a row of declines.
The Independent
Shocker! :whistle: However, we won't know for sure "technically" until we get final Q1 2012 GDP figures, but, nonetheless, it's surely going to be close whatever way you look at it and the odd 0.1% either way is still recession in my mind.
Gross domestic product (GDP) - a broad measure for the total economy - is on course to have fallen by about 0.1% in the three months to the end of March, the Organisation for Economic Co-operation and Development (OECD) said.
The gloomy forecast comes after official figures revealed the economy contracted by 0.3% in the final quarter of 2011, which was worse than the previous estimate of a 0.2% fall.
A decline in the first three months of 2012 will mean the UK is officially back in recession, which is defined as two quarters in a row of declines.
The Independent
Shocker! :whistle: However, we won't know for sure "technically" until we get final Q1 2012 GDP figures, but, nonetheless, it's surely going to be close whatever way you look at it and the odd 0.1% either way is still recession in my mind.
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
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Comments
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Double dip?
Who'd have thunk it.0 -
Party time in the South-West tonight?0
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Rather than believe the gloom and doom, I'll wait for the actual statistics for initial estimates.0
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worldtraveller wrote: »Shocker! :whistle: However, we won't know for sure "technically" until we get final Q1 2012 GDP figures, but, nonetheless, it's surely going to be close whatever way you look at it and the odd 0.1% either way is still recession in my mind.
That will be in about 2-3 years then
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Over on hpc.co.uk they are celebrating this news. They are excited!0
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Did we ever leave the last recession?Blessed are the cracked for they are the ones that let in the light
C.R.A.P R.O.L.L.Z. Member #35 Butterfly Brain + OH - Foraging Fixers
Not Buying it 2015!0 -
US have just had their Q4 figures confirmed at 3% growth.0
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Graham_Devon wrote: »US have just had their Q4 figures confirmed at 3% growth.
They have borrowed their way to growth, whereas we have paid back our way to recession.0 -
ruggedtoast wrote: »They have borrowed their way to growth, whereas we have paid back our way to recession.
Big factor is that in the US, a firm can virtually hire and fire at will.0
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