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UK's weak GDP may shrink in Q4
Source: Agencies |
November 15, 2012, Thursday
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Print Edition
Print Edition
BRITAIN'S weak economy may shrink in the last three months of this year and growth will remain sluggish into 2013, the governor of the Bank of England warned yesterday.
The warning came after the UK's economy unexpectedly grew by 1 percent on an annual basis in the third quarter, ending a nine-month slump. "Output growth is likely to fall back sharply in the fourth quarter as the boost from the Olympics in the summer is reversed - indeed output may shrink a little this quarter," Governor Mervyn King said. The central bank also lowered its 2013 GDP growth forecast to 1 percent.
The warning came after the UK's economy unexpectedly grew by 1 percent on an annual basis in the third quarter, ending a nine-month slump. "Output growth is likely to fall back sharply in the fourth quarter as the boost from the Olympics in the summer is reversed - indeed output may shrink a little this quarter," Governor Mervyn King said. The central bank also lowered its 2013 GDP growth forecast to 1 percent.
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