Blog: UK economy shrinks, again
Olly Wehring | 23 October 2009
Put the Champagne on ice. The UK economy remains in recession after wrong-footing analysts by shrinking in the third quarter of 2009.
While neighbouring France and Germany this summer returned to growth in gross domestic product, the UK reported today (23 October) that its own economy shrank 0.4% in the three months to the end of September.
Most analysts had expected a small return to growth, albeit of around 0.2%.
The news makes the current recession the worst since UK records began in the 1950s. Coupled with this, the UK jobless rate is around 8%, at 2.47m unemployed.
A timely reminder that, despite renewed optimism from some corners of the drinks industry, we are far from out of the woods.
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