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December 7, 2021

Britain emerges from recession

Britain’s first double-dip recession since the 1970s probably ended in the third quarter as ticket sales for the London Olympic Games helped revive growth. Gross domestic product rose 0.6 percent from the previous three months, according to the median of 33 estimates in a Bloomberg News survey, Money.ro informs. The economy shrank 0.4 percent in the second quarter as wet weather and an extra holiday to mark the Queen’s Diamond Jubilee impaired growth. The Office for National Statistics will publish the data at 9:30 a.m. in London. Bank of England Governor Mervyn King said this week that the recovery is proceeding at a “slow and uncertain” pace and a “zig-zag” pattern is likely to persist as global economic weakness spreads. Policy makers are due to complete their latest round of quantitative easing before their Nov. 8 meeting, when they’ll assess whether more stimulus is needed. The National Institute of Economic and Social Research estimated on Oct. 9 that the economy grew 0.8 percent in the third quarter. Still, stripping out one-time distortions, it said the pace of expansion is closer to between 0.2 percent and 0.3 percent. The Bank of England’s Monetary Policy Committee must decide next month whether to end its stimulus program or extend it beyond 375 billion pounds (USD 601 billion).

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