The UK economy contracted for the first time in six quarters in the three months ended September, which is likely to be the beginning of a prolonged recession as projected by the Bank of England.
Gross domestic product shrank 0.2 percent sequentially, offsetting the 0.2 percent gain in the second quarter, the first estimate from the Office for National Statistics showed Friday. However, the pace of decline was slower than the widely expected -0.5 percent.
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by Renju Jaya
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