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Britain set for official exit from recession

Published on Oct 21, 2012 12:55 PM
 
Anti-austerity demonstrators pass the Houses of Parliament during a protest march in central London Oct 20, 2012. Britain was this week set to confirm its official exit from a deep recession, although a return to growth would fail to signal a rosy future for the country's fragile economy, according to analysts. -- PHOTO: REUTERS

LONDON - Britain was this week set to confirm its official exit from a deep recession, although a return to growth would fail to signal a rosy future for the country's fragile economy, according to analysts.

Economists' consensus forecast is for Britain, which is not part of the eurozone, to have returned to growth in the third quarter, or July-September period, after falling into a double-dip recession in late 2011.

Positive retail sales data published last week added to market belief that British gross domestic product (GDP) had turned positive heading into 2013.

All will be revealed on Thursday, when the Office for National Statistics publishes its first estimate of third-quarter GDP.

 
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