Recovery of the British economy hit a rock-bottom after the National Institute of Economic and Social Research announced that the growth of the economy for the third-quarter fell by half. NIESER has stated that the GDP for the British economy fell to 0.5% for the third quarter of the year 2010.

In comparison, the GDP for the quarter that ended in the month of June had seen a GDP gain of 1.2%. The fall in the GDP would be an immense cause of stress for the economists and policy makers in Britain. The Institute that has released the current statistics is known to include Bank of England and the British Treasury in its clientele.

A statement released by the NIESER has announced that the current growth rate was much below the estimates that had been made earlier. It added that the worst part about the news is that the news has come during the time when the economy was still not performing to its potential.

The institute has further announced that it does not expect the economy to outdo its performance in the year 2008 before the year 2012. The data produced by NIESER is on a quarterly basis of a year and is published only after manufacturing data by the Office for National Statistics is released.