THE UK economy shrunk between July and September this year, after previous estimates said there had been no growth, raising fears a recession could be looming. The Office for National Statistics (ONS) said it now thinks gross domestic product (GDP) fell by 0.1% instead of remaining flat at 0%. 1 The UK economy shrank in the third quarter, new revised figures reveal GDP measures the value of goods and services produced in the UK and also estimates the size and growth of the economy. The latest revised figures spark fears the UK economy could be heading for recession after economists had been expecting 0% growth between July and…
