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Uk Economy Still In Recession

admin — Sat, 24 Oct 2009 08:20:21 +0000

Despite hopes for an end to the recession, the United Kingdom Office of National Statistics reported yesterday that the UK economy fell into recession for a sixth straight quarter, making it the longest downturn on record.

The UK’s third quarter domestic Gross Domestic Product (GDP) declined by 0.4% from the previous quarter, thwarting hope for anticipated growth of 0.2%. The economy shrank 5.2% from a year ago, a slight improvement from Q02 2009′s record 5.5% contraction. The UK continues to suffer from a fall-off in its vital services industry.

Australian Companies Affected By Global Recession

admin — Tue, 01 Sep 2009 12:17:14 +0000

The global recession continues to affect companies “down under”; according to a report that business profits dived the most since 2003 in Q02 2009. Gross operating profits dropped 7.8% in the second quarter to AUD49.69B.

Among the hardest hit were mining companies, which posted a 24.7% plunge in profits. Likewise, wholesalers saw earnings slip 12.6%. Business inventories, which includes stocks on shelves and in warehouses, unexpectedly tumbled 3.4%, the biggest decline since record keeping started in 1985.