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UK back in recession after Q1 contraction

04-26-2012 11:03 BJT

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Britain's economy has fallen back into recession for the first time since 2009. Britain’s official statistics agency said GDP fell by an unexpected 0.2 percent in Q1 from the previous quarter.

The drop follows the 0.3 percent decline recorded at the end of 2011. Britain suffered a deep, 18-month recession from 2008 to 2009, and has not fully recovered since -- facing headwinds from the euro zone debt crisis, government spending cuts, high inflation and a damaged banking sector.

Women walk past offers advertised in the windows of a supermarket near Manchester,
northern England April 25, 2012.

Britain’s Office for Budget Responsibility forecasts growth of just 0.8 percent this year. Wednesday’s data shows that first quarter output was no higher than a year earlier. The Bank of England has warned that there is a risk of another contraction in the second quarter of 2012, due to an extra public holiday.

But analysts say it does not appear keen to provide further monetary stimulus through more stimulus, due to above-target inflation which looks stickier than before.

A closed down pub is seen near Manchester, northern England April 25, 2012.

 

Editor:Zhang Rui |Source: CNTV.CN

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