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The National Institute of Economic and Social (NIESR) said in a report on Friday the British economy has entered a mild recession and will contract 0.1% in 2012 as the escalating European debt crisis will continue to weigh on exports and confidence. NIESR expects 0.2% and 0.1% contractions in the first and second quarters of 2012; thereafter, the economy will start to recover till recording 2.3% expansion in 2013.
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