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UK economy contracts by 2.4%

The UK economy contracted by 2.4% in the first quarter of 2009, its biggest decline in more than 50 years, according to the Office for National Statistics (ONS).

The decline was worse than analyst predictions and more severe than the estimate of a 1.9% fall.

The ONS warned that the fall in construction activity had played a major part in the fall.

The Treasury predicts the UK economy will contract by 3.5% for the year.


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