By Geoffrey Smith
Investing.com -- The U.K. economy shrank for the first time in six quarters in the three months through September, as Europe's energy crisis drove inflation to its highest in 40 years.
Gross domestic product fell 0.2% from the second quarter, a slightly better outcome than the 0.5% decline feared, thanks to a stronger-than-expected performance by industry in September. Industrial production rose 0.2% and manufacturing output was flat on the month, in contrast to declines forecast for both.
Even so, the figures put the country on track for what the Bank of England has warned could be the longest recession in decades, as roaring inflation and aggressive interest rate increases hurt both consumer and business sentiment.