U.K. GDP keeps dropping

Wednesday, 25 July 2012 03:51

According to the Office for National Statistics in the second quarter the gross domestic product declined by an adjusted 0.7%, against the expectations around 0.2% in the U.K.The economy contracted three times in a row for the quarterly report, what is the longest double-dip recession in the history in this kind of measurement.
After the release of that data, the pound turned lower against the U.S. dollar, with GBP/USD falling 0.11% to trade at 1.5490.