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Old 08-11-2011, 05:16 AM   #1
Bruce0p9y
 
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Britain's economy probably generated only meager growth in the second quarter and there is even a decent chance it contracted, according to an increasingly pessimistic field of economists polled by Reuters.
With recent UK economic data marked by persistent weakness, the almost 70 analysts polled by Reuters trimmed their growth outlook for 2011 to 1.3 percent from 1.5 percent seen in June -- the lowest reading since Reuters started polling on the outcome in January 2010.
Economists also pushed back their forecasts for the next Bank of England interest rate hike since the recession to the first quarter of next year.
Key British economic indicators over the last month have pointed to tepid economic activity.
The construction sector christian louboutin outlet london , whose poor fortunes at the end of last year heralded a shocking 0.5 percent economic contraction in the fourth quarter, struggled to grow in May.
Meanwhile, both official and private business surveys have pointed to a lackluster performance from the UK's dominant services sector, essentially the core of its economy.
"So, whichever way one looks at it, GDP will have struggled to grow meaningfully in Q2 and could even have fallen a little," said Brian Hilliard, UK economist from Societe Generale christian louboutin outlet london , in a research note.
The economy probably grew just 0.3 percent quarter-on-quarter between April and June, the poll showed.
While only a slight downgrade from the 0.4 percent seen in last month's survey, forecasts in the
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