OECD Predicts UK Recession
Published / Last Updated on 28/03/2012
OECD Predicts UK Recession.
According to the Organisation For Economic Co-operation and Development (OECD), the UK economy will contract in the first 3 months of 2012, taking the country back into recession. However, many other analysts are predicting economic growth in the first quarter.
Figures form the Office for National Statistics (ONS) showed the UK service sector grew 0.2% in January compared with December. The figure is a major component of the growth figures for the first quarter and the ONS will be releasing the gross domestic product figures for the first 3 months of 2012 on 25th April. They are predicting an annualised contraction of 0.4% for GDP in the first quarter.