Recession `deeper than thought`
26 February 2009
New figures from the Office for National Statistics (ONS) suggest that Britain is in a deeper recession than previously thought, according to The Times.
The ONS statistics show that GDP in the final quarter of 2008 was 1.9% lower than it had been a year earlier, worse than the initial estimate of 1.8%.
The statistics also show that GDP fell by 1.5% in the final quarter of 2008 - and that the figure for the third quarter has also been revised downwards to 0.7%, down from the initial 0.6%.
Among other things, the figures suggest that consumers are continuing to cut back on spending as they look to avoid getting into debt and prepare themselves for difficult economic conditions.
The Bank of England is expected to cut its base rate next week in an attempt to revive the economy.
---
Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.
Need expert help with your debts?
Try our debt solution finderFind your solution
- 0800 161 3516
- 0161 605 4824