UK Economy contracts by Record Levels
The UK economy created a record of sorts. It contracted 2.4% in the first quarter of 2009, a decline not exceeded 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 Office for National Statistics (ONS) blamed the sharp revision primarily on weaker output in the construction and manufacturing sectors. It also said the recession started earlier than first thought last year.