UK's economy shrunk more than initially estimated

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Source: Bloomberg
Bank of England revised UK's GDP growth in the first three months of 2012 to -0.3% instead of initially estimated -0.2%. Adjustment was made due to revised results in UK's building sector. Initially estimated 3% decline turned out to be 4.8% decrease in construction sector. In comparison to the same period last year UK's economy shrank 0.1%. This is the first decrease since the end of 2009. Service sector, the largest sector in UK's economy, increased by 0.1%, but production output decreased by 0.4%. 
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Thu, 24 May 2012 13:38:49 GMT

European Stocks Advance

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Thu, 24 May 2012 11:13:47 GMT

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The purchasing managers index across the single currency area shrank in May at the fastest rate since mid-2009. The composite purchasing managers index lost 0.8 points and now stands at 45.9. The manufacturing PMI decreased to 45.0, down from 46.1 last month, while the services PMI dropped to 46.5 from 46.9. An indicator below 50 indicates activity shrinkage. Chris Williamson of Markit argues

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