UK economy sees 2.4% contraction
June 30, 2009
The UK economy contracted 2.4% in the first quarter of 2009, its biggest decline in more than 50 years, according to the latest official data.
The decline was more severe that the earlier estimate of a 1.9% fall, and worse than analyst expectations.
The Office for National Statistics had already warned that a sharp fall in construction activity was a key factor in lowering its previous estimate.
The Treasury predicts the UK economy will contract by 3.5% for the year.
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