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British economy grinds to standstill in second quarter


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Sat, 23 Aug 2008 09:00
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London - Britain's economy came to a standstill between April and June, with zero growth, prompting new fears of recession, British media reported Friday. Official figures showed the worst second-quarter performance in 16 years.

Britain's Office for National Statistics (ONS) had originally estimated 0.2 per cent growth for the period.

The zero growth in the second quarter 2008, follows 63 consecutive quarters of growth since the second quarter of 1992.

Gross domestic product increased by 1.4 per cent meanwhile, compared to the previous year's 1.6 per cent growth.

Reports said the latest figures were expected to hike fears that Britain is heading into recession, about which economists have warned.

Bank of England governor Mervyn King has warned that the country faces economic stagnation as it goes "through a difficult and painful adjustment," with even the danger of slipping into recession.


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