The U.K. economy shrank by 2.4 percent in the first quarter, worse than the previous estimate of a 1.9 percent drop, the government said Tuesday.It was the biggest drop in 35 years, matching the 2.4 percent fall recorded in 1974, the Office for National Statistics said.
Economic output is now 4.9 percent below the first quarter of 2008, the agency said.
The downward revision "clearly leaves an extremely weak platform for growth this year," said Jonathan Loynes, chief European economist at Capital Economics.
He said it's likely that GDP will fall by 4 percent this year, rather than his previous estimate of 3.5 percent.
___
http://www.statistics.gov.uk/pdfdir/qna0609.pdf
Videos
Post your feedback
