Figures show 'recession continues' in Q3

Official figures announced today by the Office for National Statistics have indicated that the UK remains in recession.

Gross domestic product (GDP) in the UK fell by 0.4 per cent between the months of July and September, representing the sixth quarter in a row where the economy has contracted.

But the BBC noted that because this figure is a preliminary estimate of economic activity in the third quarter of the year, it could be revised at a later date.

The current downturn is now the longest recession on record since figures were first compiled in 1955.

While quarterly growth of 0.2 per cent had been expected by analysts, it is thought that the contraction was a result of poor currency exchange rates and a decline in the hospitality and financial services sectors.

The Daily Telegraph’s recession timeline identifies the September 2007 collapse of lender Northern Rock as the beginning of the downturn, with the UK economy officially declared in recession between April and June 2008.
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