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UK economy contracts at fastest rate on record
The UK economy contracted by 2.4 per cent in the first quarter of the year - its biggest quarterly decline on record since the data began more than 50 years ago.
According to figures published by the Office for National Statistics (ONS) today (30 June), the fall in gross domestic product (GDP) was also more severe than the estimate of a 1.9 per cent decline made last month.
The ONS blamed that sharp revision on weaker output within the the construction and manufacturing sectors and more complete data for services.
Overall, output of the production industries fell 5.1 per cent, while service industries fell by 1.6 per cent, with negative growth in all sub-industries except government and other services, which grew by 0.2 per cent.
Meanwhile, construction output fell 6.9 per cent in Q1 2009, compared with a fall of 5.0 per cent in the previous quarter.
