Is Britain Headed For a Third Recession?
A 10.2 percent quarterly drop in mining and quarrying production, which eliminated 0.18 percent of GDP, contributed to the drop, as did falling factory output. Industrial output was down 1.8 percent and Britain’s service sector remained flat.
Contrasting to the IMF’s assessment, the Governor of the Bank of England, Mervyn King, has said he predicts no more than a “gentle recovery” this year, according to Reuters. But even slow growth could be hindered if the talk of a triple-dip recession hurt consumer and business confidence.
Don’t Miss: Your Cheat Sheet to Apple Earnings.