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British economy contracts 2% in Q1

British economy contracts 2% in Q1

24 April 2009 10:56 (UTC +04:00)

Bakuâ€“ APA-Economics. Official figures show the British economy shrank at its fastest rate in nearly 30 years in the first quarter, as the financial crisis ravages banks, retail and manufacturing, AFP reported.
The economy contracted by a bigger than expected 1.9 percent from the previous three month period. That means that Britain’s economy has now declined for three consecutive quarters.
It’s the biggest decline since a drop of 2.4 percent in the early days of Margaret Thatcher’s government in 1979.
Earlier this week, the British government predicted that the economy will shrink by 3.5 percent this year.

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