The UK Economy has definitely seen better days, as yesterday it reported the worst contraction in 50 years, as the economy shrank by 2.4% in Q01 2009. This was significantly higher than the 1.9% decline previously reported by the Office for National Statistics (ONS).
The revised contraction also exceeded analysts’ forecasts of 2.1%. The Office for National Statistics stated that the greater than expected decline was mostly due to weaker output in the construction and manufacturing sectors. Despite signs of a turnaround, the Bank of England warns of a slow recovery.
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