British economy shrinks fastest since 1958

The recession-battered British economy shrank at its fastest pace in more than 50 years in the first quarter of 2009, revised official data showed on Tuesday, amid the worst global slowdown in decades.

Gross domestic product (GDP) contracted 2.4 percent in the first three months of the year from the final quarter of 2008, said the Office for National Statistics.

“GDP in real terms fell by 2.4 percent compared with the previous quarter, revised down from last month’s estimate of 1.9 percent. This is the largest decrease since the second quarter of 1958,” the ONS said in a statement.

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