British economic growth rate slumps to 12-year low

The British economy grew at its slowest annual rate since 1993 during the second quarter of the year. Gross domestic product growth on a 12-month basis was revised sharply downwards to 1.5 percent during the second quarter, from a previous estimate of 1.8 percent. The adjustment pushed the annual GDP growth rate to its lowest since the first quarter of 1993, when it stood at 1.4 percent.

Economic growth would not be as strong as predicted, due to unforeseen spiralling oil prices and a sluggish global economy. Analysts said that the flagging retail sector played a key part in lower economic growth. The Confederation of British Industry said retail sales slumped to their worst ever performance in September.

- Being deep in the throes of oil depletion probably doesn't help either. See my earlier comments on 10 Jun 2005 : "A 17% decline rate for an oil field is a huge loss. The UK economy faces dire consequences."

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