12:15 PM EST
November 25th, 2009
The UK economy shrank less than previously estimated in the third quarter, with the revised version matching forecasts of a 0.3% decline. Consumer spending was unchanged for the quarter which was the first time it hasnâ€™t dropped in 1 1/2 years. Government spending was up 0.2%, while fixed investment fell 0.3%. Services output was revised higher to show a 0.1% decrease rather than the originally stated 0.2% fall. The manufacturing sector saw a similar revision, dropping only 0.1%, up from the originally stated 0.2%.
The UK economy is lagging the other developed economies in coming out of recession, and the Bank of England has been buying 200 billion pounds of bonds to aid the economy. Interest rates have been at a record low of 0.5% since March of this year. The BOE forecast that the economy will exit its recession in the fourth quarter, but that policy makers did not rule out further expansion to the asset-pourchase plan.
Revised Version for 3rd Quarter (2nd Release)
Provided by: Office of National Statistics