Fall In GDP But Expected To Slow Down

GDP fell for the second quarter in a row in last quarter of 2008 according to the Office for National Statistics. It had risen every quarter since the first quarter of 2007. The preliminary estimate shows that the chained volume estimates decreased by 1.9% during Q1 2009 on the previous quarter. It has been put down to lower activity in both services and production. The CBI said they expected 1.8% and expect a contraction of the economy by 3.9%this year. They do expect the decline to slow over the next few months.