UK Economy Shrinks At Fastest Rate For 50 Years: The latest credit crunch news released by the Office of National Statistics has revealed that the economy shrunk dramatically at the beginning of 2009.
The United Kingdom economy declined at the fastest rate seen in over 50 years in the first quarter of 2009, according to the third estimate released this week by the Office for National Statistics.
The final estimate of Q1 gross domestic product showed a revised quarter on quarter contraction of 2.4 per cent from a decline of 1.9 per cent in the first and second estimates. The quarterly contraction matched the 2.4 per cent contraction seen in the third quarter on 1979, which was itself the steepest drop in output since the 2.6 per cent drop in the second quarter of 1958.
Other data released this week shows that lending remains weak, with net lending to non-financial corporations falling for the second month in succession in May.