U.K. Falls Back Into Recession
Following Ireland’s recent slide into recession territory, the OECD, a Paris-based economic think tank, reports that the U.K.’s economic doldrums have returned. The group also predicted that Britain will take longer to recover than any other EU nation except for Italy. –ARK
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The Office for National Statistics added to the gloomy prognosis for the economy on Wednesday when it reported a bigger fall in output in the final three months of 2011 than first estimated. It said a previous 0.2% drop in output had underestimated the size of the fall, which further analysis found to be 0.3%.
The OECD, which produces quarterly figures showing year-on-year growth, said that UK output declined at an annual rate of 1.2% in the final quarter of 2011 and will decline at an annual rate of 0.4% in the first three months of 2012.
The OECD also warned that the eurozone remained in a fragile state and would struggle to grow for the rest of the year.