British recession deeper than previously thought

Good and bad news came out of the eurozone Thursday morning as Spanish unemployment rose more to the highest in at least 37 years, but Britain’s economy dodged a return to recession and grew faster than expected in the first three months of this year. Spanish unemployment rose more than economists forecast in the first quarter as efforts to tackle the European Union’s biggest budget deficit crimped economic growth.

Inquiring minds investigating the collapse in Europe note Euro-Zone Industrial Production Declines Steeply Industrial production in the 17 countries that use the euro fell sharply in September as weak output across both the core and peripheral economies added to expectations for a poor third quarter gross domestic product print Thursday.

Ireland's economy sank back into recession in late 2011, despite logging its first annual growth for four years, official data showed on Thursday.Irish gross domestic product (GDP) shrank 0.2 percent in the fourth quarter after a contraction of 1.1 percent in the third quarter, the Central Statistics Office said in a statement, placing Ireland back into a technical recession.The GDP figures include output generated by both domestic and foreign companies based in Ireland.

Britain's recession-hit economy shrank by a better-than-expected 0.3 percent in the third quarter of 2009, compared with output in the previous three months, revised official data showed on Wednesday.The latest figure for the July-September period was an upgrade from the previous estimate of a 0.4-percent contraction, the Office for National Statistics (ONS) announced in a statement."Gross domestic product (GDP) contracted by 0.3 percent in the third quarter of 2009," the ONS said.

TORONTO — Canada suffered a surprising contraction in manufacturing activity in March, according to data released on Tuesday, suggesting the economy has not yet shaken off the slowdown it suffered in late 2012. The RBC Canadian Manufacturing Purchasing Managers’ Index was at 49.3 last month after adjusting for seasonal variation, down from 51.7 in February. A reading above 50 represents expansion, while a number below 50 means contraction.

Britain's economy shrank by more than expected in the fourth quarter, data showed Wednesday, placing it dangerously close to recession as the eurozone debt crisis and austerity measures hit output.Gross domestic product (GDP) dipped 0.2 percent in the three months to December, the Office for National Statistics said in a statement.The decline was driven by weakness in the production and construction sectors, and was worse than market expectations for a 0.1-percent contraction.

Britain's economy shrank by more than expected in the fourth quarter, data showed Wednesday, placing it dangerously close to recession as the eurozone debt crisis and austerity measures hit output.Gross domestic product (GDP) dipped 0.2 percent in the three months to December, the Office for National Statistics said in a statement.The decline was driven by weakness in the production and construction sectors, and was worse than market expectations for a 0.1-percent contraction.

Britain's economy shrank 0.5 percent in the fourth quarter of 2010 compared with the third quarter, a slight improvement on the previous official estimate, data revealed on Tuesday.The Office for National Statistics last month estimated that gross domestic product (GDP) had contracted by 0.6 percent in the fourth quarter, the final three months of last year."GDP growth contracted by 0.5 percent in the latest quarter, revised from a fall of 0.6 percent previously published," the ONS said in a statement.