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Tag: recession

Germany in recession as economy takes biggest hit since crash

Germany in recession as economy takes biggest hit since crash

Business
Germany is officially in recession after its economy shrank by 2.2% in the first quarter of the year as the global coronavirus shutdown began to bite.The latest official data gives an insight into the damage caused by the COVID-19 pandemic to Europe's biggest economy, with worse expected to come. Chancellor warns of a 'significant recession' The fall over the three months to March was the second-biggest quarter...
Hong Kong in first recession for a decade amid protests

Hong Kong in first recession for a decade amid protests

World
Hong Kong has entered its first recession in a decade as the territory continues to be gripped by protests.Its economy shrank 3.2% in the July-to-September period compared with the prior quarter, figures showed, confirming earlier preliminary data.It means the economy has contracted for two quarters in a row, which is the usual definition of a recession.Tourists are staying away and shops are suffering amid battles between anti-government protesters and police.Compared with a year ago, Hong Kong's economy was 2.9% smaller in the third quarter of the year. Hong Kong's protests started in June after the government planned to pass a bill that would allow suspects to be extradited to mainland China.Many feared this bill would undermi...
UK ducks recession with weakest annual growth since 2010

UK ducks recession with weakest annual growth since 2010

Business
The UK has dodged a recession despite seeing the biggest year-on-year slowdown in nearly a decade.The Office for National Statistics (ONS) said the 0.3% growth for the latest quarter signalled the economy "slowing" as UK GDP had grown at 1% for the same period in 2018. It said this represented the weakest annual rate since 2010.However, the expansion meant the UK avoided plunging into a recession, defined by two successive quarters of economic decline.It shrank by 0.2% in the three months to June 2019. Advertisement Despite this, the economy was slightly weaker than both market expectations and the Bank of England's latest forecasts, which had pointed to 0.4% growth for the period between July and September...
UK economy facing ‘heightened risk of recession’

UK economy facing ‘heightened risk of recession’

Business
The UK's economy may have tipped into recession following a downturn in the dominant service sector, according to closely-watched figures.The IHS Markit/CPS purchasing managers' index for services fell to a six-month low of 49.5 in September. The 50 level divides growth from expansion.It suggests the economy shrank 0.1% in the three months to September, after a 0.2% fall in the previous quarter.Some experts urged caution, as official data last month eased recession fears.Combined with even weaker manufacturing and construction purchasing managers' indexes (PMI) earlier this week, September's all-sector PMI sank to 48.8 from 49.7. This was its lowest since the month after the referendum decision to leave the EU in June 2016, and before that 2009."Coming on...
UK’s economy back in growth, though recession risk remains

UK’s economy back in growth, though recession risk remains

Business
By James Sillars, business reporter The UK economy recorded growth of 0.3% in July, boosting hopes that a pre-Brexit recession can be avoided.According to the Office for National Statistics (ONS), UK output bounced back from zero growth the previous month thanks to a partial recovery in the dominant services sector. However, the number-crunchers warned of a weaker underlying picture for services, which account for 80% of the economy, across the remainder of 2019. ...