British economy remains lackluster
Source: Agencies |
July 27, 2011, Wednesday
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Print Edition
Print Edition
BRITAIN'S economic recovery remains lackluster as official figures yesterday showed growth of only 0.2 percent in the second quarter of the year from the previous three-month period, partly because of the disruption caused by the wedding of Prince William and Kate Middleton.
The statistics office also said the economy during the period was heavily influenced by the aftermath of the Japanese earthquake and tsunami, record high temperatures in April and the start of ticket sales for the 2012 Olympic Games in London.
The preliminary growth figure, which is subject to revision, was in line with the market's. But it may put new pressure on the government and the Bank of England to take steps to quicken the pace of recovery.
The weak second quarter followed six months of essentially no growth, with a drop of 0.5 percent in the fourth quarter of last year followed by a gain of 0.5 percent in the first quarter.
Yesterday's figures support the view that securing economic recovery remains tough, said Scott Carfe, an economist at the Center for Business and Economic Research.
Britain suffered badly in the recession that followed the banking crisis of 2008 and at this pace it's going to take a few more years before it recoups the output lost during the downturn.
Despite the tepid recovery, Britain's finance minister George Osborne said he was not going to change course.
The statistics office also said the economy during the period was heavily influenced by the aftermath of the Japanese earthquake and tsunami, record high temperatures in April and the start of ticket sales for the 2012 Olympic Games in London.
The preliminary growth figure, which is subject to revision, was in line with the market's. But it may put new pressure on the government and the Bank of England to take steps to quicken the pace of recovery.
The weak second quarter followed six months of essentially no growth, with a drop of 0.5 percent in the fourth quarter of last year followed by a gain of 0.5 percent in the first quarter.
Yesterday's figures support the view that securing economic recovery remains tough, said Scott Carfe, an economist at the Center for Business and Economic Research.
Britain suffered badly in the recession that followed the banking crisis of 2008 and at this pace it's going to take a few more years before it recoups the output lost during the downturn.
Despite the tepid recovery, Britain's finance minister George Osborne said he was not going to change course.
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