RTTNews - The U.K. economy contracted 2.4% in the first quarter from the fourth quarter of 2008, the largest decline since 1958, the latest estimate from the Office for National Statistics showed Tuesday. This was larger than last month's estimate of 1.9% decline for the first quarter. In the fourth quarter of 2008, GDP was down 1.8%.
In the first quarter, the GDP level was 4.9% lower than the same period of prior year, revised down from a fall of 4.1% published last month.
Output in the production industries slid 5.1% sequentially in the first quarter, within which manufacturing output dropped 5.5%. Mining and quarrying output was down 3.7% and electricity, gas and water supply production fell 3.6%.
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