Britain’s GDP drops
February 25th, 2012 - 3:54 am ICT by IANSLondon, Feb 25 (IANS) Britain’s economy shrank 0.2 percent in the last quarter of 2011, according to the Office for National Statistics (ONS) Friday.The figure marks a sharp drop in economic growth in Britain from the third quarter of 2011, when its GDP saw an increase of 0.6 percent.
Meanwhile, the economic growth for the full year of 2011 was adjusted down from the previous 0.9 percent to 0.8 percent, Xinhua reported.
According to the second estimate of ONS, output of the production industries fell by 1.4 percent, within which the manufacturing sector fell by 0.8 percent.
Output of the service industries was unchanged with a rise of 0.7 percent in the fourth quarter of last year, while output of the construction industry fell by 0.5 percent.
ONS said household final consumption expenditure increased by 0.5 percent in volume terms in the latest quarter.
In current price terms, compensation of employees fell by 0.3 percent in the fourth quarter of 2011.
The Bank of England, the central bank, predicts that the country’s economy will grow by about 1 percent and forecasts inflation will continue to fall in the coming months.
It said Britain’s economy would “zigzag” this year, dipping in and out of growth, but would not go back into recession.
- India growth increased strongly in Q4: IMF - Mar 14, 2012
- India showed strong growth amid global slowdown: IMF - Mar 15, 2012
- Spanish economy back in recession - Apr 24, 2012
- IIP data dissapoints Pranab, says government committed to reforms - Jun 12, 2012
- Singapore forecasts up to 3 percent growth for 2012 - Nov 21, 2011
- Canada's economy grows 2.5 percent in 2011 - Mar 03, 2012
- Industrial output grows at 0.1 percent in April - Jun 12, 2012
- India's industrial output contracts by 3.5 percent in March - May 11, 2012
- Inflation down by 6.87 percent - Aug 14, 2012
- China's Q2 GDP growth slows (Lead) - Jul 13, 2012
- India to grow faster in 2012-13: Kaushik Basu - Jan 31, 2012
- Australian GDP rises - Mar 07, 2012
- German industrial output shrinks - Feb 08, 2012
- Downward revision of Spain's GDP data - Aug 28, 2012
- Factory output dips by 1.8 percent in June (Roundup) - Aug 09, 2012
Tags: bank of england, construction industry, consumption expenditure, economic growth, economy, fourth quarter, gdp, household, inflation, last quarter, london feb, manufacturing sector, national statistics, recession, volume terms, xinhua