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U.K. Economy Has Entered a Recession, CBI Says
Monday, 15 September 2008 06:36:31 GMT  |  David Song, Currency Analyst
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U.K.'s CBI says economy likely to have entered recession. The interest group has revised down their GDP estimates and now look for growth of 1.1% this year and just 0.3% in 2009, versus 1.7% and 1.3% respectively, previously. CBI looks for growth to contract by 0.2% QoQ in Q3 and by 0.1% in Q4 and probably contracting in Q1 was well, before the economy starts to recover. The outlook is not too far off from the general market perception, with last week's Reuters poll showing the median economist GDP estimates at 1.1% for 2008 and 0.7% for 2009 and with a 55% chance of a U.K. recession in the next 12 months.

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