Tag: contract

Weak UK factory output suggests poor start to Q3

Weak UK factory output suggests poor start to Q3

The Office for National Statistics (ONS) has today revealed UK factory output shrank by 0.2% in July after a flat reading the previous month. The reading was worse than economists had expected and confirm weak prospects for the economy after the figures suggest a poor start to the third quarter. The fall was attributed to [...]

September 7, 2011 | 0 Comments More
UK manufacturing activity hits 26-month low

UK manufacturing activity hits 26-month low

The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity contracted at the fastest pace in more than two years in August. The closely-watched CIPS/Markit manufacturing PMI fell to 49.0 last month from an upwardly revised 49.4 in July. The latest figure means the index remains [...]

September 1, 2011 | 0 Comments More
Japanese economy performs better in Q2

Japanese economy performs better in Q2

Japan’s economy performed better than in expected in the second quarter, suggesting the country is slowly recovering after the earthquake and tsunami, which struck in March. According to the Cabinet Office, the economy contracted by 0.3% in the April to June period – less than the 0.7% expected by analysts. On an annual basis, meanwhile, [...]

August 15, 2011 | 0 Comments More
UK manufacturing activity contracts in July

UK manufacturing activity contracts in July

The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing contracted in July – the first time since the UK was in recession two years ago. The closely-watched CIPS/Markit manufacturing PMI fell to 49.1 last month from a revised 51.4 in June. The index is now below [...]

August 1, 2011 | 0 Comments More
UK service sector output contracts in April

UK service sector output contracts in April

Figures from the Office for National Statistics (ONS) have today revealed output in the UK’s closely-watched service sector dived in April. According to the ONS, service sector output contracted by 1.2% in April on a monthly basis – the biggest fall since January 2010 – when the country was hit by a severe snowfall. However, [...]

June 29, 2011 | 0 Comments More
Australia’s jobless rate holds steady at 4.9%

Australia’s jobless rate holds steady at 4.9%

Figures today revealed Australia’s unemployment rate held steady at 4.9% in May. According to the Australian Bureau of Statistics, the economy created just 7,800 jobs last month – far worse than the 25,000 analysts had forecast. However, the number was offset by a rise of 29,800 in part-time employment, which helped maintain the jobless rate. [...]

June 9, 2011 | 0 Comments More
Australian retail sales recover in April

Australian retail sales recover in April

Australia’s Bureau of Statistics today revealed retail sales recovered in April, hitting a 17-month high. Sales grew 1.1% in April on a monthly basis – the biggest rise since November 2009 and nearly three times more than expected. The figures come just a day after the Bureau revealed the economy contracted in the first quarter [...]

June 2, 2011 | 0 Comments More
Australia’s economy contracts in Q1

Australia’s economy contracts in Q1

The Australian economy, dubbed the “wonder from down under”, contracted in the first quarter after flood and cyclone disasters led to a fall in coal and agricultural exports. According to the Australian Bureau of Statistics, the economy contracted by 1.2% in the January to March period – the largest quarterly contraction since 1991 – the [...]

June 1, 2011 | 0 Comments More
Japan slips back into recession

Japan slips back into recession

The Japanese economy, which is the world’s third largest, has slipped back into recession following the devastating earthquake and tsunami which happened on 11 March. The Cabinet Office has today revealed the economy contracted by 0.9% in the January to March period. The economy has now contracted for two consecutive quarters – meaning it has [...]

May 19, 2011 | 0 Comments More
Australia counts the cost of flood and cyclone disasters

Australia counts the cost of flood and cyclone disasters

The Treasury department has estimated that the disasters that hit Australia earlier this year will cost the economy AUS$9 billion (£5.8 billion). The figure is considerably higher than a previous estimate of AUS$5.6 billion. Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, [...]

April 4, 2011 | 0 Comments More
Ireland’s economy contracts in Q4

Ireland’s economy contracts in Q4

Figures today have revealed Ireland’s economy contracted by 1.6% in the October to December period, following a 0.6% growth rate in the previous quarter, according to the Central Statistics Office. The latest figures are a further blow to the former “Celtic Tiger” economy which suffered a prolonged recession and was one of the last euro [...]

March 24, 2011 | 0 Comments More
Iceland’s economy contracts in Q4

Iceland’s economy contracts in Q4

Official figures today from Statistics Iceland revealed the economy contracted 1.5% in the October the December period. The figures come after the economy grew for the first time in the third quarter after contracting for seven consecutive quarters. The small economy of Iceland only emerged from its deep recession in the third quarter of last [...]

March 8, 2011 | 0 Comments More
UK service sector activity in surprise contraction in December

UK service sector activity in surprise contraction in December

Growth in the UK’s closely-watched service sector contracted in December - suggesting a sharp slowdown in economic growth in the final quarter of 2010. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) fell to 49.7 in December, down from the reading of 53.0 in November. Not only did the sector endure [...]

January 6, 2011 | 0 Comments More
UK construction activity in surprise contraction in December

UK construction activity in surprise contraction in December

The Chartered Institute of Purchasing and Supply (CIPS)/Markit construction purchasing managers’ index (PMI) has today revealed UK construction activity contracted unexpectedly in December. The Purchasing Managers’ Index slumped to 49.1 in December, from 51.8 in November - the first fall since February last year and surprised analysts. The latest figures mean the index is now [...]

January 5, 2011 | 0 Comments More
Iceland finally emerges from recession

Iceland finally emerges from recession

Iceland has finally emerged from recession after its economy contracted for seven consecutive quarters. Official figures today from Statistics Iceland revealed the economy grew by 1.2% in the July to September period. However, on an annual basis, the economy shrank by 1.6%. The once-thriving financial sector collapsed in October 2008 which led to three of [...]

December 7, 2010 | 0 Comments More
Rolls-Royce awarded $1.8bn contract from Air China

Rolls-Royce awarded $1.8bn contract from Air China

Rolls-Royce has won a $1.8 billion (£1.1 billion) order from Air China. The announcement comes at a time when the British enginemaker has featured heavily in the news due to the failure of one of its Trent 900 engines, which exploded just minutes into a Qantas flight earlier this month. However, the company has since [...]

November 22, 2010 | 0 Comments More
Chinese manufacturing sees further slowdown in July

Chinese manufacturing sees further slowdown in July

There is further evidence today that China’s economy is cooling after two official independent surveys revealed a slowdown in manufacturing activity. Firstly, the HSBC China Manufacturing purchasing managers index (PMI), fell to 49.4 in July from 50.4 in June. As a result, manufacturing contracted for the first time in 16 months as any reading below [...]

August 2, 2010 | 0 Comments More
BoE’s Kate Barker says UK unlikely to return to recession

BoE’s Kate Barker says UK unlikely to return to recession

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, [...]

March 15, 2010 | 0 Comments More
Venezuela economy shrinks 5.8% in fourth quarter

Venezuela economy shrinks 5.8% in fourth quarter

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 [...]

March 3, 2010 | 0 Comments More
Spanish economy contracts for seven consecutive quarters

Spanish economy contracts for seven consecutive quarters

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 [...]

February 11, 2010 | 0 Comments More