UK GDP fell by 0.6% in 2009 Q2, a much smaller fall than recorded in the preceding two quarters. Business investment fell very sharply and consumer spending continued to decline, albeit at a slower rate. The pace of de-stocking moderated and net trade continued to boost growth. The ONS provisionally estimated that UK GDP fell by a further 0.4% in Q3. The world economy showed signs of recovery, with several Asian economies experiencing a robust rebound in growth. Indicators of global activity suggest that this recovery was sustained in the third quarter. Nonetheless, activity both at home and abroad remains significantly below pre-crisis levels.
Bank of England Inflation Report
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