The U.K. economy posted its sharpest decline in more than 50 years in the first quarter, suggesting the recession has been even harsher than previously thought, the Office for National Statistics said Tuesday.
The ONS said the economy slumped a downwardly revised 2.4% in the first quarter, which was narrowly the largest decline since the second quarter of 1958. The annual decline in output was 4.9%, the largest since records began in 1948. Economists had expected a smaller downward revision in the first-quarter gross domestic product data. In a Dow Jones Newswires survey last week, they forecast the economy would shrink 2.2% from the previous quarter and 4.4% from a year earlier.