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Tuesday, boosting hopes that the nation will soon join other major
economies in returning to growth before the end of 2009. British
output contracted 0.6 percent in the second quarter compared with
activity in the first three months of 2009 , better than the
previous estimate of minus 0.7 percent, the Office for National
Statistics (ONS) said. Gross domestic product shrank 5.5 percent
between April and June compared with GDP in the second quarter of
2008. The 12- month figure, unchanged from the previous estimate made
in August, marked the biggest drop since records began in 1955.
"Today's data offers further indications that we are likely to see
growth in the third quarter" and an end to Britain's deep recession,
said Charles Davis, an economist at independent consultants, the
centre for economics and business research (cebr). IHS Global Insight
analyst Howard Archer commented: "Matters have moved on appreciably
since the second quarter with the key question being has the economy
returned to growth in the third quarter? "We suspect that it has, and
are looking for expansion of around 0.3 percent quarter-on-
quarter."
