News Tag: contract
March 15, 2010
Bank of England policymaker, Kate Barker, said the UK is unlikely to return to recession.
In an interview over the weekend, Ms Barker, who is a former housing adviser to the Government, said it is possible, however, that the economy could contract for one quarter.
"It's possible we will have a quarter when GDP falls, but I don't ...
BoE’s Kate Barker says UK unlikely to return to recession
by Kay Murchie
March 3, 2010
The Venezuelan economy, which relies heavily on revenues from its oil reserves for its economic growth, contracted by 5.8% in the fourth quarter of 2009 compared with a year earlier.
According to the Central Bank of Venezuela (BCV), the economy shrank 3.3% during the 2009 year.
The BCV said the global economic crisis and "the weakness of the price of oil and ...
Venezuela economy shrinks 5.8% in fourth quarter
by Kay Murchie
February 11, 2010
The Spanish economy is still in recession after the economy contracted by 0.1% in the fourth quarter of 2009 - the seventh consecutive quarter of contraction.
The figures from the INE, the national statistics agency, show that Spain is now the last major economy still in recession.
Meanwhile, on an annual basis, the economy shrank 3.1% compared with the same period ...
Spanish economy contracts for seven consecutive quarters
by Kay Murchie
February 2, 2010
There were further hopes of a strong recovery today after the Chartered Institute of Purchasing & Supply (CIPS)/Markit purchasing managers’ index (PMI) rose to 48.6 in January, up from 47.1 the previous month - the smallest fall in activity during the current 23-month period of contraction.
The figures came just a day after the CIPS/Markit manufacturing PMI revealed UK manufacturing activity ...
Construction industry contracts at slower rate
by Kay Murchie
December 7, 2009
Iceland's economy plummeted at its fastest pace on record in the third quarter, falling by 5.7% compared to the previous quarter.
However, on an annual basis the economy contracted by 7.2% - the biggest fall on record.
The news comes as many economies throughout the world are now recovering as they emerge from recession.
However, Iceland was severely hit by the financial crisis last ...
Iceland’s economy shrinks at record pace
by Kay Murchie
November 3, 2009
The Chartered Institute of Planning & Supply(CIPS)/Markit purchasing managers index fell to 46.2 in October, from 46.7 in September, marking the 20th consecutive month of falls due to a slump in demand for commercial and civil engineering work.
Meanwhile, job cuts in the sector also increased at the fastest rate in four months, while input costs were rising, according to the ...
Construction sector contracts for 20th consecutive month
by Kay Murchie
October 8, 2009
Construction giant Laing O'Rourke, the company which is running the building project for the London 2012 Olympic Games, has announced it is to reduce its headcount.
In an email to staff, the company said: "With your help, the suggested changes will create a more efficient and effective organisational structure with the appropriate levels of professional resource necessary to ...
Project manager for 2012 Olympic Games to axe jobs
by Kay Murchie
August 14, 2009
Following the news that Germany and France had emerged from recession yesterday after experiencing economic growth during the second quarter of 2009, it has now been revealed that the euro zone continued to contract.
Figures from Eurostat revealed that Gross Domestic Product (GDP) in the 16-member nation was down by 0.1% in the April to June period, compared with the ...
Euro zone economy down 0.1% in second quarter
by Kay Murchie
July 24, 2009
Official figures have today revealed that the UK economy shrank more than expected in the three months to June.
Today's figures, which are preliminary estimates and could be revised up or down in the next few months, show that the economy contracted 0.8% between April and June - economists had expected a fall of 0.3%.
On an annual basis, the rate of decline ...
UK economy contracts more than expected
by Kay Murchie
July 13, 2009
Accountants Ernst & Young (E&Y) have reported that the number of profit warnings by UK Plcs has stabilised but cautioned that the economy still had a "difficult road ahead".
The group said 63 profit warnings were issued in the April-June period - a year-on-year drop of 36% and represents the lowest second quarter figure since 2003.
However, E&Y cautioned ...
Number of profit warnings down 36% on year
by Kay Murchie
June 30, 2009
Official figures have today revealed that the UK economy shrank by 2.4% in the first three months of 2009 - far worse than expected and the biggest quarterly decline in 51 years.
The Office for National Statistics (ONS) said the fall was worse than the earlier estimate of a 1.9% fall - and was worse than analysts had expected.
The revised fall ...
UK economy in sharpest contraction since 1958
by Kay Murchie
June 25, 2009
The world’s largest economy received some good news today after the Commerce Department revealed that gross domestic product (GDP) fell by an annualised rate of 5.5% in the first three months of 2009.
The figures were much better than previously thought and follow a 6.3% fall in the final quarter of 2008 and a fall of 0.5% in the third ...
US economy’s rate of contraction better than expected
by Kay Murchie
US Fed acknowledges economy will remain weak
by Kay Murchie
June 22, 2009
It has emerged today that the Scottish Premier League (SPL) has pulled the plug on its live football deal with struggling Irish pay-TV sports broadcaster Setanta.
The news comes after the English Premier League terminated its 46-match deal last week after the company missed a payment of £10 million. Setanta therefore lost its rights to broadcast the 46 football matches ...
Further blow for Setanta as SPL terminates contract
by Kay Murchie
June 11, 2009
Official data released today showed that the world’s second largest economy contracted at a revised 3.8% in the first three months of 2009.
Despite the figure being revised downwards, the economy still shrank at a record pace.
Meanwhile, the revised figure translates into an annualised contraction of 14.2%.
The export-dependent economy, which was once seen as relatively unscathed by the global financial crisis, ...
Japanese economy contracts at record rate
by Kay Murchie
June 1, 2009
The latest CIPS/Markit purchasing managers' index (PMI) has revealed some good news for Britain's manufacturing industry today after a rise was noted in new manufacturing orders.
According to the PMI, new manufacturing orders increased to a 14-month high, while UK manufacturing contracted at its slowest pace in a year in May.
May marked the third consecutive month of improvement with ...
UK manufacturing contracts at slowest pace in a year
by Kay Murchie
May 14, 2009
Spain's economy has suffered another blow today after preliminary estimates have revealed the economy has suffered its steepest fall since 1959.
According to the National Statistics Institute, which is set to release final statistics next week, GDP fell 1.8% compared with the previous quarter and is down 2.9% on an annualised basis.
The Spanish Government has forecasted GDP will contract by ...
Spanish economy in largest contraction for 5 decades
by Kay Murchie
May 9, 2009
Steel producer Corus may cut 2,000 jobs at its Teesside Cast Products plant after four international slab buyers, Marcegaglia, Dongkuk Steel Mills, Duferco Participations Holding and Alvory, have terminated a 10-year supply contract.
As their main customers, the consortium have failed to fulfil their part of the contract which has been signed for ten years and was set ...
2,000 jobs at risk as Corus considers Teesside plant closure
by Peter Charalambous
April 30, 2009
America, the world’s largest economy, has contracted a worse than expected 6.1% in the first quarter of the year and follows the 6.3% decline during the fourth quarter of 2008.
The fourth quarter decline was expected after consumers and businesses were recovering from the demise of Lehman Brothers.
Combined, the two quarters represent the sharpest contraction over a six-month period ...
US economy contracts 6.1%, interest rates remain on hold
by Kay Murchie
