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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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