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British recession worse than previously thought

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)

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…

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Eurozone economy ‘goes into reverse’

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The eurozone economy flipped into reverse in September, falling to its worst level in more than two years, a closely-watched survey showed on Wednesday. Ahead of new growth figures expected to show the debt-laden currency area slipping towards recession, the final Eurozone Composite Output Index compiled by London-based researchers Markit…

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Japan overtaken by China as No. 2 economy

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TOKYO – Japan lost its 42-year ranking as the world’s second-biggest economy to China in 2010, with data on Monday showing a contraction in the last quarter due to weak consumer spending and a strong yen. While Japan was expected to fall behind a surging China in the year, the…

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