According to one sector commentator, 2009 looks to be a "basically stagnant" year, with output falling overall during the 12 months and unemployment rising.
Charles Davis, economist at the Centre for Economics and Business Research, said that he expected the contraction of inflation in the final quarter of 2008 to be larger than that recorded in the third quarter, but with it returning during the next year.
He added that 2009 would be difficult in terms of the real economy, but that people would have to wait and see how the full details of the bank recapitalisation work out.
"The interbank interest rate has started to come back and has started to fall from the unprecedented highs we saw in the early autumn," Mr Davis explained.
He went on to note that 2010 was also likely to be a difficult year.
According to the Office for National Statistics, Gross Domestic Product contracted by 0.6 per cent in the third quarter of 2008.
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