UK economy shrinks at fastest rate for 50 years


	UK economy shrinks at fastest rate for 50 years

JICWyllie

6-30-2009 1:14 PM

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tags:

1-growth, 1-recession, 2-decrease, 2-record, 3-reported, 4-uk

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6-30-2009 1:31 PM

foxyarse

In the first quarter...Ireland has shrunk by 8.5% GDP and 12% GNP.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/a23b6c30-405b-4ffc-8802-708a02b10f97/2F3182AD-8C3F-46D5-B85D-9452D21B5C41/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://business.timesonline.co.uk/tol/business/economics/article6608270.ece" href="http://business.timesonline.co.uk/tol/business/economics/article6608270.ece" style="font-size: 11px;">business.timesonline.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.timesonline.co.uk/tol/business/economics/article6608270.ece">The UK economy shrank by 2.4 per cent in the first quarter at the fastest rate 
in more than 50 years and far worse than expected, according to official 
figures today. 
</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.timesonline.co.uk/tol/business/economics/article6608270.ece"><P>
"The downward revision to first quarter GDP growth clearly leaves an 
extremely weak platform for growth this year. The average GDP growth in 2009 
now looks likely to be - 4 per cent or weaker rather than the -3.5 per cent 
we previously expected, " said Jonathan Loynes, chief European 
economist at Capital Economics. 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.timesonline.co.uk/tol/business/economics/article6608270.ece"><P>
The data also showed GDP fell in the second quarter of 2008, meaning the 
recession started earlier than was initially thought. The country has now 
been in recession for a full year. 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.timesonline.co.uk/tol/business/economics/article6608270.ece">Today's figures mark a huge setback for Mr Darling and the Treasury</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.timesonline.co.uk/tol/business/economics/article6608270.ece">The OECD is also predicting that UK unemployment will top 3 million over the 
next 12 months</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.timesonline.co.uk/tol/business/economics/article6608270.ece"><P>
The ONS said today that, year on year, GDP had fallen 4.9 per cent, the 
biggest drop on record. It had previously estimated a fall of 4.1 per cent. 
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