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British Economy Shrinks in Third Quarter

by VOA News

   Revised British government statistics released Friday show the nation's
   economy shrank in the third quarter of this year, indicating the
   country could be headed into a recession.

   Adjusted data from the British Office of National Statistics show the
   nation's gross domestic product shrank by 0.1% from July to September
   of this year. Initial estimates for the three-month period had
   indicated there had been no growth.

   The adjusted figures also indicate there had been no growth in the GDP
   the previous quarter of the year, where initial estimates had indicated
   there had been 0.2% growth.

   An economy is typically thought to be in recession if it shrinks two
   consecutive quarters, although economists with the National Bureau of
   Economic Research, a nonprofit U.S. research organization, define a
   recession as "a significant decline in economic activity that is spread
   across the economy and that lasts more than a few months."

   The British statistics office had better news on retail sales last
   month. Adjusted statistics showed retail sales rose by 1.3% in
   November, whereas initial estimates had shown them down 0.3%. The
   office showed nonfood purchases drove the increase, rising by 2.3%
   during the month.

   Government analysts suggest sales on "Black Friday" -- a day in late
   November on which sales bargains are offered to spur early Christmas
   shopping -- likely contributed to the increased sales.