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UK Enters Double-dip Recession After Q1 GDP Results

uk recessionThe UK has entered a double-dip recession after two successive quarters of negative GDP growth, -0.3 percent in Q4, 2011 and -0.2 percent in Q1, 2012, according to the Office of National Statistics (ONS).

Total Construction Production fell by -1.3 percent in the first quarter of 2012, while total services growth was flat at 0.1 percent in the same period. On an annual basis, GDP in the first quarter of 2011 was 0.2 percent, compared to -0.2 percent a year later.

Analysts expected the UK's economy to grow by 0.1 percent.

Cyprus may see its tourist numbers from the UK negatively impacted by the latest development.

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Poll

How Can the Government Improve the Economy?
By focusing on job creation
21%
By reducing interest rates in government-owned banks
0%
By changing the hours banks are open to normal working hours
0%
By changing the hours govt. offices are open to normal working hours
0%
By talking more positively about the economy
0%
By reducing corruption and bribery in the state sector
21%
All of the above
59%
None of the above
0%
Total votes: 29