London - Hopes in Britain of an early economic recovery received a setback Friday as official figures showed that the economy shrank by 0.4 per cent in the third quarter of 2009. The figures from the Office for National Statistics (ONS) were contrary to predictions of a marginal 0.2 per cent growth between July and September of this year.
Friday's figures confirm that Britain is currently in the grip of the longest period of decline since ONS records began in 1955, with the economy in negative growth for six consecutive quarters.
The government has said that it expects the economy to return to growth by the end of 2009.
The persistent decline of economy comes despite interest rates at a record low 0.5 per cent since March, flanked by massive economic stimulus moves from the government and an unprecedented boost to the money supply through quantitative easing by the Bank of England.
