Economy shrinks faster than expected
- 00:01:32
- ITN
Economy shrinks faster than expected
The UK economy shrank at its fastest rate for more than 50 years in the first three months of 2009, official figures have shown. Output fell by 2.4 per cent in the first quarter of the year - much worse than the 1.9 per cent drop previously estimated - the Office for National Statistics (ONS) said. The quarterly decline equals a 2.4 per cent slump seen in 1974 and is the worst since a 2.6 per cent fall seen in 1958. The figures also showed the current recession began earlier than expected, with a 0.1 per cent decline seen between April and June last year compared with previous estimates of zero growth.
ITN | June 30, 2009
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