Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Competing narratives in Malaysia Airlines disaster coverage

Read more

AFRICA NEWS

Kenya : Police arrest 8 over Mombasa rampage

Read more

FOCUS

Overfishing and the global appetite for bluefin tuna: can Tokyo turn the tide?

Read more

MEDIAWATCH

Too many graphic images from Gaza ?

Read more

FASHION

Who's next in Paris, an event with international ready-to-wear and fashion accessories collections

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

THE OBSERVERS

Muslims and Christians clean up Bangui, and violence spirals out of control in Algeria's Gardaia

Read more

IN THE PAPERS

Is there such thing as 'telegenic' victims of war?

Read more

IN THE PAPERS

2014-07-22 07:21 IN THE FRENCH PRESS

Read more

  • Israel hits targets in Gaza despite diplomatic efforts for ceasefire

    Read more

  • Flight MH17 shot down ‘by mistake', US intelligence indicates

    Read more

  • Defying UK, France to proceed with sale of warship to Russia

    Read more

  • US courts issue conflicting reports on Obamacare

    Read more

  • Video: Lebanon fears fallout from regional turmoil

    Read more

  • Widodo wins Indonesian presidential election

    Read more

  • US, European airlines suspend flights to Tel Aviv over Israel-Gaza conflict

    Read more

  • Australian veteran Rogers claims 16th stage of Tour de France

    Read more

  • France gives go-ahead to pro-Palestinian Paris rally

    Read more

  • French Jews mourn French-Israeli soldier killed in Gaza

    Read more

  • PSG punished by UEFA for abuse of disabled Chelsea fans

    Read more

  • Colombia's Rodriguez signs '€80m' contract with Real Madrid

    Read more

  • Children killed in minibus crash in eastern France

    Read more

  • A call for harmony in riot-hit ‘Little Jerusalem’ Paris suburb

    Read more

Business

Britain not yet out of recession

Text by News Wires

Latest update : 2009-10-23

Official data for the third quarter showed that the British GDP has decreased by 0.4 percent, a hard blow for the country's economy as most of its European neighbours, including Germany and France, are climbing their way out of the recession.

AFP - Britain failed to climb out of its deep recession in the third quarter, when the country's output unexpectedly slumped by 0.4 percent, official data showed on Friday.
  
"Gross Domestic Product (GDP) decreased by 0.4 percent in the third quarter of 2009, compared with a decrease of 0.6 percent in the second quarter," the Office for National Statistics said in a statement.
  
Economists had expected Britain to exit recession in the July-September period with a return to growth of 0.2 percent after five quarters of shrinking output.
  
Britain had hoped to join France, Germany and Japan in exiting recession, defined as two consecutive quarters of contracting output, while the United States is expected to have returned to positive growth in the third quarter.
  
"UK third-quarter GDP is awful with no positive news within the report," said ING Bank analyst James Knightley.
  
"This is the sixth successive contraction in GDP, which is the longest run since the quarterly series began in 1955 with output now down 5.9 percent peak to trough."
  
Britain's economic recovery was already expected to be far from rosy ahead of a general election next year under the weight of mounting debt and unemployment.
  
The country's deficit ballooned to a record high in September as the public purse buckled under the weight of a recession that began in the second quarter of 2008.
  
Britain borrowed 77.3 billion pounds (84.8 billion euros, 127 billion dollars) between April and September -- the highest fiscal half-year amount since records began in 1946, official data showed on Tuesday.
  
Economists are warning that public borrowing this year would easily breach the government's official target of 175 billion pounds.
  
Meanwhile, the number of unemployed in Britain climbed by 210,000 to 2.47 million in the three months to July -- the highest level since May 1995.
  
It comes as the nation prepares for a general election due by mid-2010 and which is likely to see Prime Minister Gordon Brown's Labour government lose power to the main opposition Conservatives, according to polls.
  
The Bank of England has sought to combat the recession with record-low interest rates and a radical policy of quantitative easing -- pumping new cash into the economy to help kick-start lending to businesses and individuals.

Date created : 2009-10-23

COMMENT(S)