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British recession worse than previously thought

By Agence France-Presse
Thursday, June 28, 2012 12:27 EDT
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A policeman stands beside a row of closed shops in Birmingham. Britain's recession is deeper than thought as official data on Thursday shows the economy shrank 0.3 percent in the first quarter following a higher-than-expected 0.4-percent contraction in late 2011. (AFP Photo/Adrian Dennis)
 
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Britain’s recession is deeper than thought as official data on Thursday shows the economy shrank 0.3 percent in the first quarter following a higher-than-expected 0.4-percent contraction in late 2011.

The Office for National Statistics said in a statement that British gross domestic product (GDP) shrank 0.3 percent between January and March compared with the final quarter of last year — confirming its previous reading.

But it revised its data for the fourth quarter of 2011, stating that GDP contracted by 0.4 percent between October and December, worse than a previous estimate of minus 0.3 percent.

A recession is defined as two quarters running of contraction.

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
 
 
 
 
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