By Elliot Wright, 13th January 2010
The UK economy last year suffered its deepest depression since
1921, according to The National Institute of Economic and Social
Research.
It is estimated that the economy shrank by 4.8% in 2009 - a
steeper fall than in any year during the Great Depression of the
early 1930s.
However, statistics also show that the UK finally moved out of
recession in the last three months of last year with a growth of
0.3% - although this will not be confirmed until the Office for
National Statistics releases the official readings in two
weeks.
The NIESR said that the recession hit its lowest point in March
last year and not much has changed since then, although signs of
recovery were starting to emerge.
The news comes after figures showed today that UK industrial
output rose 0.4% month-on-month in November, slightly faster than
expected.
Most experts had expected the UK to come out of recession in the
third quarter of last year. But the figures showed that the economy
was still in recession, contracting by 0.3%.
That left Britain as the world's last major economy still in
recession.
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