The economy will contract until house prices reach 3-4 times average salary.

The economy contracted by a further 0.5pc in the second quarter.

The Kremlin says the economy will contract 8.5pc this year.

Singapore now estimates its economy will contract 3 percent this year.

The overall economy contracted 1 percent in each of the last two years and is likely to be flat this year.

The economy was contracting at a rate of over 6 percent - the worst in decades.

A reading below 50 percent indicates the economy is contracting.

Over the last three years, the economy has contracted by more than 20 percent.

Until very recently, the economy was contracting by more than 10 percent a year.

Italy's economy contracted by 0.3 percent in the second quarter of 2008.