FXstreet.com (Barcelona) - United Kingdom seems have entered in a steep recession in the last quarter of 2008, with the Gross Domestic Product posting the largest quarterly decline in the last 30 years, according to preliminary data released by National Statistics.
Gross Domestic product has dropped at a 1.5% pace from October to December 2008, reflecting slumping activity in both the manufacturing and the services sectors. Year on year, Gross Domestic Product has declined at a 1.8% pace.
The output volume in production industries has been estimated to have dropped 3.9% on the quarter, while manufacturing output has dropped 4.6%, with mining and quarrying 1.6% down, and supply of gas, electricity and water 0.2% down. Output of the services industries has been estimated to have contracted at a 1.0% quarterly pace.