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UK economy 'shrank faster than thought'
General News |
23/12/2008
The UK economy shrank more between July and September than was previously thought, new figures have shown.
Data released by the Office for National Statistics (ONS) reveal that gross domestic product (GDP) fell by 0.6 per cent over the period, its previous estimate had been a reduction of 0.5 per cent.
The previous quarter's figure was left at zero growth, meaning the UK has not yet officially entered a period of technical recession.
However, the stagnant economy during the second quarter of 2008 marked the end of a run of growth which started in 1992.
July to September represented the worst period the UK economy has experienced since 1990, the year in which Margret Thatcher was forced from power.
Earlier this week, Kevin Green, the chief executive of the Recruitment and Employment Confederation, warned those working in the sector will face new challenges in 2009.
He explained that rising unemployment will mean recruitment staff face increased workloads.
