RTTNews - The UK's economy will continue to contract until the fourth quarter of this year, a report by the National Institute of Economic and Social Research or NIESR said.

The institute expects the GDP to drop 0.4% in the second quarter and 0.1% in the third quarter. However, it expects the GDP to rise 0.5% in the fourth quarter.

For the whole year, the think-tank expects the gross domestic product to drop 4.3%. However, it expects a growth of 1% next year and a 1.8% rise in 2011.

On July 24, the country's statistical office releases the preliminary GDP figures for the second quarter.

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