Biggest decline in UK economy in 18 years
Tuesday, 23 December 2008Britain's economy shrank by 0.6% in the three months to September compared with output in the previous quarter, according to downwardly-revised official data published today.
The quarterly figure, published by the Office for National Statistics, compared with the previous estimate of a 0.5% contraction that was given in November.
The decline - the biggest for 18 years - came after steeper than expected falls in output from the UK's powerhouse services sector.
The UK economy had already screeched to a halt in the second quarter to record zero growth. The country is not officially in recession unless it reports two quarters running of negative economic growth, or contraction.
Gross domestic product (GDP) grew by just 0.3% during the third quarter compared with the same time in 2007, the ONS added. The annual reading was unchanged from the previous estimate.
