Wednesday, 10 April 2013

UK economy ekes out growth in first quarter

It looks like Britain will avoid another recession for the time being. The National Institute of Economic and Social Research has estimated that the UK economy grew 0.1 percent in the first quarter.

Other data on the UK economy on Tuesday were mixed though. While industrial production rose 1.0 percent in February, the trade deficit rose to £3.6 billion from £2.5 billion in January as exports to non-EU countries fell by 4.7 percent.

Another report on Tuesday showed that the trade picture for Germany in February was also not good. While the trade surplus increased to 16.8 billion euros from 13.6 billion euros in January, exports fell 1.5 percent as imports fell by a bigger 3.8 percent.

Meanwhile, China reported on Tuesday that inflation slowed to a rate of 2.1 percent in March from 3.2 percent in February.

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