UK economy still reeling under recession, says ONS study

24 Oct 2009

1

Belying analysts' expectations of growth during the quarter, the UK economy has contracted by 0.4 per cent between July and September, and by 5.9 per cent overall in the last year, according to the first estimate of the Office for National Statistics (ONS).

Other bigger economies of Europe, such as France and Germany had exited recession in the second quarter of this year (See: Germany, France drive Euro-zone recovery).

It is the first time UK gross domestic product (GDP) has contracted for six consecutive quarters, since quarterly figures were first recorded in 1955.

GDP measures the total amount of goods and services produced by a country.

Quarterly growth of 0.2 per cent had been expected in ONS figures, although expectations had been tempered by recent figures showing no growth in retail sales in September and a 2.5 per cent decline in industrial output in August.

The unexpected decline in the services sector was the key factor behind the drop, with the distribution, catering and hotels sector performing particularly badly.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers