British economy shrinks 0.6pc in Q3

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LONDON, Dec 23 (AP): The British economy contracted by more than previously thought during the third quarter of 2008, revised official figures showed Tuesday, stoking market expectations that the Bank of England (BoE) may cut interest rates to near zero per cent in the new year.
The Office for National Statistics revealed that British gross domestic product during the July-September quarter fell by 0.6 per cent from the previous three-month period, faster than the previous estimate for a 0.5 per cent contraction.
The downgrade was due to a bigger than anticipated fall in manufacturing output, which accounts for around 15 per cent of the British economy, and weaker services output, which makes up around two-thirds of GDP.