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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: regli who wrote (34080)7/23/2005 12:11:41 PM
From: mishedlo  Read Replies (1) of 116555
 
The British economy suffered its weakest annual growth in more than 12 years in the second quarter of the year as the hard-pressed manufacturing sector sank once more into a recession.

Analysts said the figures confirmed the general sluggishness across most sectors of the economy and made it highly likely that the Bank of England would make the first interest rate reduction for two years when it meets in early August.
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The Office for National Statistics said the British economy - the world's fourth largest - expanded by 0.4% in the second quarter of the year, the same pace as the first quarter but slower than the City had been expecting.

The figure was enough to drag down the annual pace of growth to just 1.7%, the slowest since Britain was emerging from a painful recession early in 1993.

Manufacturing output, which accounts for about a fifth of the economy, shrank 0.7% in the April to June period, following a contraction of 0.9% in the first quarter, meaning the sector meets one definition of a recession - namely two successive quarters of contraction.

In fact, manufacturing has now fallen back in three of the past four quarters, which analysts say is particularly disappointing given that the world economy expanded at its briskest pace in three decades last year, which should have boosted manufacturing exports. The continued strength of the pound and competition from Chinese manufacturers, however, meant British firms were unable to thrive.
guardian.co.uk
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