Monday 7 December 2009

Iceland reveals worst economic slump on record

The Times
"Iceland's economy recorded its worst-ever fall, tumbling by 7.2 per cent in the third quarter, as the collapse of its banking sector and its currency continued to lay waste to its finances.Official figures revealed that national output in the third quarter fell by 5.7 per cent from the previous quarter. Year-on-year gross domestic product was down 7.2 per cent — the biggest decline on record."

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