The Office for National Statistics (ONS) has revised down its growth figures for the UK economy.
In their new figures, published today, the ONS stated that the economy shrank by 1.6 per cent in the final three months of 2008, when compared to the preceding quarter. This is higher than the previous figure of 1.5 per cent.
The UK economy grew by 0.7 per cent during 2008, representing an almost complete stalling of growth.
It is generally predicted that the economy will shrink during 2009.
However, analysts are pointing to the fact that the savings to loan ratio increased to nearly 5 per cent, in comparison to a negative figure a year before. Economists state that this rebalancing of the country"s finances is vital to a rebalancing of the economy as a whole.
