While Britain is in its second recession in four years, its quarterly results are still better than analysts had expected. The nation’s gross domestic product fell 0.5% for the quarter, beating analysts estimates of a shrinkage of 0.7%.The largest factor for the fall in GDP was a 3.9% cut in construction output. In addition, Britain’s exports were greatly hurt by the euro zone debt crisis affecting the European Union.While the shrinkage was less than expected, many are still hoping that finance minister George Osbourne will inject more stimulus into the floundering economy, and adjust current austerity policies.
