Britain’s Recession Deeper Than Previously Thought

UK’s recession was deeper than previously thought, new data showed on Monday, Britain’s first-quarter current account deficit swelled to twice economists’ forecasts, reaching its highest level since the third quarter of 2007. The first glimpse of second-quarter data shows service sector output fell 0.3 percent in April. The Office for National Statistics confirmed that Britain’s economy grew just 0.3 percent in the first three months of 2010 compared to 0.4 percent in late 2009 – Reuters

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