UK GDP in the third quarter of 2008 decreased compared to the previous quarter at 0.5%, reported Bloomberg News, referring to preliminary data from the National Statistical Office. This is the first decline in GDP since 1992.

Experts had expected the reduction of the rate at 0.2%.

The increase in GDP of Great Britain on the third quarter of 2007 was 0.3%. The experts predicted increasing that figure to 0.5%.

Economic activity in the service of Great Britain, which accounts for 75% of GDP, declined in the last quarter to 0.4% in the manufacturing sector - by 1%.

The financial crisis spread to all areas of the British economy - from banking to construction, and reducing the rate of GDP shows that the country is on the eve of the first recession since 1991.

This week, British Prime Minister Gordon Brown for the first time acknowledged the likelihood of a recession in the economy. The package of government assistance to banks in the amount of 500 billion pounds ($ 805 billion) as well as lowering the base interest rate the Bank of England to 0.5 percentage point, perhaps it was too late to stem further decline in the economy.