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UK economy performs worse than expected this quarter

24th Jul 2009
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Figures released by the Office for National Statistics (ONS) today revealed that the economy did not perform as well expected in the three months to June.

GDP fell by 0.8%, a much sharper decline than the 0.3% predicted by analysts.

Total production output declined by 0.7% from the first quarter, while services output fell by 0.6%. Within that sector, business services and finance contributed most to the decline, with a 0.7% fall.

"The provisional UK GDP figures for Q2 are shockingly bad and firmly dash any hopes that the UK had already pulled out of recession", according to Vicky Redwood, economist at Capital Economics, speaking to the Financial Times this morning.

"These figures blow a hole in the chancellor's GDP forecast for the year. The government's failure to add...

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