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| Version 0 | Version 1 |
|---|---|
| UK economy sees 2.4% contraction | UK economy sees 2.4% contraction |
| (10 minutes later) | |
| The UK economy contracted 2.4% in the first quarter of 2009, its biggest quarterly decline in 51 years, according to the latest official data. | |
| The decline was more severe than the earlier estimate of a 1.9% fall, and worse than analyst expectations. | The decline was more severe than the earlier estimate of a 1.9% fall, and worse than analyst expectations. |
| The Office for National Statistics (ONS) blamed the sharp revision primarily on weaker output in both the construction and services sectors. | |
| It also said the recession started earlier than first thought last year. | |
| The ONS now says the recession began during the second quarter of 2008 rather than during July to September, so that the recession has now been running for a whole year. | |
| 'Disappointing' | |
| January to March's 2.4% decline was the sharpest contraction since the second quarter of 1958. Analysts had only expected a 2.1% fall. | January to March's 2.4% decline was the sharpest contraction since the second quarter of 1958. Analysts had only expected a 2.1% fall. |
| The Treasury predicts the UK economy will contract by 3.5% for the year. | |
| "The figures are disappointing," said Ross Walker, economist at RBS Financial Markets. | |
| "We knew about the construction revisions in advance and the fall wasn't quite as big as the ONS had indicated. But we've got a much bigger fall in services output." |