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Disappointing Q2? True, But Then There's Debt, Public and Private, and Something Deeper

On 25 July 2012 Britain's Office for National Statistics (ONS) issued its official estimate for the country's second quarter Gross Domestic Product (GDP). A contraction was expected by all and the range amongst economists was between -0.2 per cent and -0.4 per cent. The Telegraph's Angela Monaghan credited Vicky Redwood of Capital Economics with coming nearest and predicting the worst, at -0.5 per cent and so the ONS's -0.7 per cent came as a shock to everybody.
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