UK growth shrinks to worst level since 1990
Britain's economy shrank during the third quarter of the year for the first time since 1992 and endured the worst single quarter since 1990, it was revealed today.
The Office for National Statistics (ONS) said gross domestic product (GDP) from July to September was down 0.6 per cent on the previous quarter. The contraction came at a faster rate than previously thought, and was down from last month’s initial estimate of a 0.5 per cent contraction.
It was the first quarter since April-June 1992 in which UK economic activity has contracted and confirms that the UK economy is almost certainly in recession — although this will not be official until figures for the final quarter of 2008 are published next year. The technical definition of a recession is two quarters of negative growth.
It was also the worst single quarter for the economy since the last three months of 1990 — the period in which former Conservative Prime Minister Margaret Thatcher was toppled from power.
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