Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Related News
UK confirms Q1 GDP fell 1.9%
Source: Agencies |
May 22, 2009, Friday
|
Online Edition
Online Edition
THE UK economy shrank by 1.9 percent in the first quarter, the government said today, confirming the preliminary figure reported earlier.
GDP in the first quarter was 4.1 percent below the previous year, the Office for National Statistics said.
Between the fourth quarter and the first quarter, the agency said manufacturing output fell 5.5 percent, construction dropped 2.4 percent and service industries fell 1.2 percent.
The report put a further damper on speculation about signs of a revival, said Jonathan Loynes, chief economist at Capital Economics.
Even if the economic shrinks by just 0.5 percent in the second quarter, "this would still leave the economy on track to contract by around 4 percent this year," Loynes said.
"And with key components like household spending and investment set to fall considerably further in response to the weakness of the housing market, the labor market and bank lending, we remain unconvinced that recent 'green shoots' will translate into a return to decent growth next year," he said.
The International Monetary Fund has predicted a 4.1 percent drop in UK output this year.
British Treasury Chief Alistair Darling has forecast that GDP will fall by 3.5 percent, and says he expects growth to resume before the end of the year.
GDP in the first quarter was 4.1 percent below the previous year, the Office for National Statistics said.
Between the fourth quarter and the first quarter, the agency said manufacturing output fell 5.5 percent, construction dropped 2.4 percent and service industries fell 1.2 percent.
The report put a further damper on speculation about signs of a revival, said Jonathan Loynes, chief economist at Capital Economics.
Even if the economic shrinks by just 0.5 percent in the second quarter, "this would still leave the economy on track to contract by around 4 percent this year," Loynes said.
"And with key components like household spending and investment set to fall considerably further in response to the weakness of the housing market, the labor market and bank lending, we remain unconvinced that recent 'green shoots' will translate into a return to decent growth next year," he said.
The International Monetary Fund has predicted a 4.1 percent drop in UK output this year.
British Treasury Chief Alistair Darling has forecast that GDP will fall by 3.5 percent, and says he expects growth to resume before the end of the year.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
