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U.K. Slips into Double-Dip Recession
Britain's economy, which contracted 0.3% in the fourth quarter of 2011, shrank 0.2% in the first quarter of this year, according to a preliminary estimate by the country's Office for National Statistics.
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Britain's economy, which contracted 0.3% in the fourth quarter of 2011, shrank 0.2% in the first quarter of this year, according to a preliminary estimate by the country's Office for National Statistics.
The back-to-back declines constitute a recession, economists note. The U.K. economy emerged from its previous downturn in 2009.
The statistics office says sharp reductions in government spending contributed to the 3% drop in construction that caused the unexpected first-quarter contraction. Industrial production slid 0.4%, but retail sales crept up 0.1%.
Economists say the recession news is likely to cause businesses and consumers to be more cautious in spending, which could result in further economic weakness.
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