GDP Growth – Economy contracts 2.4% in Q1 2009
Source: Office for National Statistics

UK gross domestic product (GDP) in volume terms fell by 2.4 per cent compared with the previous quarter, revised down from last month’s estimate of 1.9 per cent. The level of GDP is now 4.9 per cent lower than the first quarter of 2008. The estimates in this bulletin release are consistent with the dataset to be published in this year’s United Kingdom National Accounts, The Blue Book 2009.

Between the fourth quarter of 2008 and first quarter of 2009:

The total volume of output in the production industries fell by 5.1 per cent, including manufacturing output which fell by 5.5 per cent.

Construction output fell by 6.9 per cent over the quarter. The output of the service industries decreased by 1.6 per cent.

The household saving ratio was 3.0 per cent in the latest quarter compared with 4.0 per cent in the previous quarter.

Real households’ disposable income fell by 2.4 per cent in the latest quarter following 2.4 per cent rise in 2008 quarter four .

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