U.K. growth slowing as Europe weakens
Excerpt:LONDON (CNNMoney) -- The U.K. economy may contract further in the fourth quarter, and growth will be subdued for the foreseeable future, as the eurozone crisis dampens demand for exports, the Bank of England said Wednesday. Gross domestic product growth of 1% in the third quarter pulled Britain out of recession, but that was exaggerated by one-off factors. "The (bank) attaches even less weight than in August to the possibility of a rapid pickup in growth," the central bank said in its quarterly inflation report. "GDP growth is more likely to be below than above its historical average rate over the entire forecast period." The bank also said near-term inflation would rise more than previously predicted, in part due to the introduction of higher university tuition fees and rising household energy bills. Last week, the BoE kept rates at 0.
Keywords:
central bank eurozone GDP growth recession European Central Bank Gross domestic product real exchange rate university tuition fees International Monetary Fund quantitative easing Europe central average rate forecast period spain and portugal world energy industrial production bailout news conference purchases Greece CNNMoney Austerity report slowdown protracted England Citi policymakers optimistic to emerge bills deficit Monetary cliff Giani extra exports tuition crisis rapid quarterly Athens exporters debt asset more money finance prices problems printingPeople:
Mervyn King
Overall Sentiment: 0.0822491
Relevance: 0.704529
| Sentiment | Quote |
|---|---|
| 0.415723 | "The committee has not lost faith in asset purchases as a policy instrument, nor has it concluded that there will be no more purchases," he said. ... |
| -0.110687 | "If that unfavorable environment persists -- and there is little sign of any change to the underlying problems in the euro area -- it may be unreasonable to expect anything other than a slow and protracted recovery, absent a further fall in the real exchange rate," King said. ... |
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Disambiguation: OfficeHolderReferences:
Giada Giani
Overall Sentiment: -0.480275
Relevance: 0.32786
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Additional Info:
FieldTerminology: GDP
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FieldTerminology: Gross domestic product
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Source Webpage: http://rss.cnn.com/~r/rss/money_latest/~3/73b3pQoJ__E/index.html
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Provided Desc:
Provided Keywords:
- bank of england
- boe
- CNNMoney
- economic fears
- economy
- Europe
- europe growth
- european growth
- eurozone
- eurozone growth
- exports
- gdp
- global growth
- growth
- inflation
- quantitative easing
- recession
Webpage Provided Title:
U.K. growth slowing as Europe weakens
Provided Desc:
The U.K. economy may contract further in the fourth quarter, and growth will be subdued for the foreseeable future, as the eurozone crisis dampens demand for exports, the Bank of England said Wednesday.
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