British economic slowdown faster than expected in 3rd quarter

.

London - The British economy slowed down faster in the third quarter of 2008 than previously estimated, official figures showed Tuesday.

The Office for National Statistics (ONS) said the economy contracted by 0.6 per cent between July and September - higher than the previous estimate of 0.5 per cent.

The previous quarter was left unrevised, with a figure of zero growth.

The economic growth figures are closely watched because two consecutive negative figures are generally thought to indicate a recession.

The latest figures show that the slowdown has spread from the financial services sector to manufacturing, the ONS said.

The government is expected to produce its first estimate of growth between October and December early in 2009. (dpa)


Latest News

Rise in Russian Arms Sales In spite of a Drop Globally
PetSmart Sells itself with an $8.3Billion Deal
Falling Oil Prices Result in a Drop in Stocks
Shares of Amaya Fall Due to Probe Conducted by Securities Regulators
Americans Consumers Display Confidence In the Market with Gain in Sales
It’s Time to Hurry Up to Enrol in the First Phase of Affordable Care Act Health
After Merger with Alliance Boots,	Walgreen CEO will Retire
Falling Fuel Prices Lift Airline Profits But No Respite in Fares Expected
Citigroup to Pay Likely $2.7B as Legal Charge
Michael Jeffries Retires as the CEO of Abercrombie & Fitch
Deutsche Bank in Trouble Again in the U.S. for Alleged Tax Scheme
Popular Demand Brings French Toast Crunch Back on the Shelves