UK economy remains in recession

The British economy shrank 0.4 percent in the third quarter of the year, according to official statistics released Friday, dashing hopes that the country had emerged from recession.

The fall in gross domestic product for the sixth consecutive quarter takes the total loss of output since the recession began last year to 5.9 percent, leaving Britain in the grip of the longest period of continuous decline since the Statistics Office began taking records in 1955.

Economists had expected the update from the Office for National Statistics to be a close call between growth and contraction -- but most had plumped for slight growth and few had forecast a fall of that size.

Read Full Article from BusinessWeek

- Posted: 2009-10-23 10:41:42

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