Despite hopes for an end to the recession, the United Kingdom Office of National Statistics reported yesterday that the UK economy fell into recession for a sixth straight quarter, making it the longest downturn on record.
The UK’s third quarter domestic Gross Domestic Product (GDP) declined by 0.4% from the previous quarter, thwarting hope for anticipated growth of 0.2%. The economy shrank 5.2% from a year ago, a slight improvement from Q02 2009’s record 5.5% contraction. The UK continues to suffer from a fall-off in its vital services industry.
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