The British economy shrank for  the sixth successive quarter in the three months to September  – but at a slower pace than previously estimated.

The UK Office for National Statistics said GDP fell by 0.3% in Q3 versus a preliminary reading of a contraction of  0.4%.

The upward revision was expected by analysts, who had been surprised by the weakness of the initial print as  surveys had pointed to the economy already returning to growth.
 
Britain’s economy has now contracted for six consecutive quarters, the longest unbroken stretch of declines since records began in 1955.

On the year, GDP was down 5.1% versus a previous reading of down 5.2%.

The Bank of England Governor, Mervyn King, said this week that while growth may return soon, it would take a long time for output to get back to where it might have been without the crisis.

Most analysts are expecting the British economy will return to growth at the turn of the year and some said even the latest Q3 reading would be revised higher once statisticians have more complete data.