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UK economy declines 1.9%
The UK economy declined 1.9% in the first quarter of 2009, according to data released by the Office for National Statistics (ONS).
This follows the previous quarter's contraction of 1.6% and means that the UK has experienced the worst six-month decline in GDP since the ONS began publishing the figures.
This is the third consecutive quarter of negative growth in GDP and confirms that the economy is still deep in recession, although some analysts are predicting that the rate of contraction will soon slow.
"I very much doubt that GDP is going to contract at these sort of rates for any longer, but I do think it will still contract all throughout 2009," said George Buckley from Deutsche Bank.
Post Date: April 24th, 2009
This follows the previous quarter's contraction of 1.6% and means that the UK has experienced the worst six-month decline in GDP since the ONS began publishing the figures.
This is the third consecutive quarter of negative growth in GDP and confirms that the economy is still deep in recession, although some analysts are predicting that the rate of contraction will soon slow.
"I very much doubt that GDP is going to contract at these sort of rates for any longer, but I do think it will still contract all throughout 2009," said George Buckley from Deutsche Bank.
Post Date: April 24th, 2009
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