BBC Learning English Words in the news 24 th October 2008 UK economic slowdown Words in the news © British Broadcasting Corporation 2008 Page 1 of 2 bbclearningenglish.com New figures released in Britain confirm that the economy has weakened sharply. Gross domestic product, or GDP, fell by nought point five per cent in the third quarter of the year. Here's our Economics Correspondent Andrew Walker: The news comes in the same week that the country's Prime Minister and Central Bank Governor both said that Britain is facing a recession .
The new figures, which could be revised , are consistent with that assessment , although they don't confirm it. Recessions in developed economies are often defined as two consecutive quarters of declining GDP , and this was the first. Most economists do however think there will be further falls in output .
This was the first contraction in the British economy for sixteen years. Andrew Walker, BBC News, London Words in the news © British Broadcasting Corporation 2008 Page 2 of 2 bbclearningenglish.com Vocabulary and definitions is facing a recession will probably enter a period when the economy is not doing well and conditions for business are bad be revised looked at ... more. less.
again and, possibly, change are consistent with do not contradict, are logically linked to assessment conclusion, finding defined identified, classed, categorised two consecutive quarters two periods of three months that come one after the other declining falling, decreasing, diminishing, becoming smaller GDP short for gross domestic product, i.e. the total production of goods and services in a country there will be further falls in output the production of goods and services will continue to decline contraction when something (here, the economy) becomes smaller More on this story: http://news.bbc.co.uk/1/hi/business/7686552.stm Read and listen to the story and the vocabulary online: http://www.bbc.co.uk/worldservice/learningenglish/newsenglish/witn/2008/10/081024_uk_economy.shtml<br><br>