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Economy shrinks less than thought Economy shrinks less than thought
(10 minutes later)
The UK economy did not contract as much as originally estimated in the July to September period, figures show.The UK economy did not contract as much as originally estimated in the July to September period, figures show.
The economy shrank by 0.2% in the third quarter. That compares with an earlier estimate of a 0.3% contraction.The economy shrank by 0.2% in the third quarter. That compares with an earlier estimate of a 0.3% contraction.
However, the revision was not as big as had been expected by analysts, who had forecast a contraction of 0.1%.However, the revision was not as big as had been expected by analysts, who had forecast a contraction of 0.1%.
The UK economy has been shrinking for six consecutive quarters and is lagging behind other countries, many of whom have already pulled out of recession.The UK economy has been shrinking for six consecutive quarters and is lagging behind other countries, many of whom have already pulled out of recession.
The Office for National Statistics said the upward revision to the third-quarter figures was down to an improvement in construction output. Since the recession began in the March-to-May period in 2008, the economy has contracted by 6.0%.
The Office for National Statistics said the upward revision to the third-quarter figures was down to an improvement in construction output. That was boosted by strong growth in public sector projects, while the decline in house building slowed.
However, services and industrial production were weaker.However, services and industrial production were weaker.
In his pre-Budget report, Chancellor Alistair Darling predicted the UK would exit recession in the fourth quarter of 2009.