UK economic growth ground to halt in Q2
Sunday, 24 August 2008
LONDON, Aug 23 (AP): British economic growth ground to a halt between April and June, ending more than 15 years of continuous expansion, the government said Friday, as many fear the country is headed for recession.
The growth figure of 0.0 per cent is below even the modest 0.2 per cent that the Office for National Statistics had predicted.
It ends a run of 63 consecutive quarters - nearly 16 years - of growth since the April to June period of 1992, when Britain's gross domestic product shrank.
The figures are the strongest indicator yet - amid a crashing housing market, falling consumer confidence and inflation running at double government targets - that Britain is teetering on the brink of a recession.
Economists say that preliminary data shows that the British economy is performing even worse now than it did in the second quarter, meaning that GDP shrinkage is likely to be recorded in the upcoming July to September quarter.
The growth figure of 0.0 per cent is below even the modest 0.2 per cent that the Office for National Statistics had predicted.
It ends a run of 63 consecutive quarters - nearly 16 years - of growth since the April to June period of 1992, when Britain's gross domestic product shrank.
The figures are the strongest indicator yet - amid a crashing housing market, falling consumer confidence and inflation running at double government targets - that Britain is teetering on the brink of a recession.
Economists say that preliminary data shows that the British economy is performing even worse now than it did in the second quarter, meaning that GDP shrinkage is likely to be recorded in the upcoming July to September quarter.