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Uk Economy Is 'stagnating' Says Report

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Britain's economy is stagnating rather than contracting, according to a new report from a respected think tank.

Official GDP figures will be released this month

Estimates of GDP suggest output fell by 0.4% in the three months ending in June, according to the National Institute of Economic and Social Research.

Output had declined by 1.3% in the three months ending in May and actually grew by 0.6% in June, the NIESR said.

"Revisions to the official estimates of economic growth in the first quarter of 2009 suggest that March can no longer be considered the trough of the recession," the NIESR report says.

"However, on the basis of the monthly profile we estimate that the UK economy is now stagnating rather than continuing to contract at a sharp pace.

"In the three months to June 2009 the UK economy was around 5½% below its peak in March 2008."

The institute, which uses the same economic model as the Treasury, came out with the shock claim when it iniat that the economy grew by 0.2% in April and 0.1% in May.

However, poor performances in the manufacturing and construction sectors have hit growth, the NIESR said.

Official GDP figures for the second quarter are due to be released at the end of this month.

The prediction is in line with a spate of recent reports and findings that suggest the economy is beginning to stabilise.

Source: http://news.sky.com/skynews/Home/Business/..._Second_Quarter

Viva le recoveveh!

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June 11, 2009

Britain is heading out of recession, says influential think-tank NIESR - The recession was declared over by the country’s leading economics think-tank yesterday after it released upbeat estimates showing that growth in GDP resumed in April and May.

July 6, 2009

Estimates of GDP suggest output fell by 0.4% in the three months ending in June, according to the National Institute of Economic and Social Research.

Edited by gruffydd

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