UK economy 'now behind US and eurozone'
www.moneynews.co.uk > General finance > UK economy 'now behind US and eurozone'
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Money News |
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UK economy 'now behind US and eurozone'
Wed 28th Oct 2009
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Howard Archer, chief UK and European economist at IHS Global Insight, labelled the latest GDP statistics as "terrible" and said that they came as a surprise.
The Office for National Statistics reported that the UK economy had shrunk by 0.4 per cent in the third quarter of this year.
Mr Archer pointed out that industrial production dropped drastically in August and he estimated that customer service spending was likely to have fallen again during the quarter.
However, he said: "It is a real shock and it is very disappointing, particularly as we are certain that both the eurozone and the US returned to growth in the third quarter."
In his opinion, the reason why the UK have been hit so hard by this financial crisis is that the problems in the country are so deep seated.
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