Biggest Fall In Real GDP For Years

Real GDP fell by 1.9% in Q1 2009 compared with Q4 2008 suggests the latest survey from the Office for National Statistics. It is the biggest fall since Q3 1979. GDP is 4.1% lower than Q1 2008. Market sector GVA fell by 2.3% reflecting a decline in production, construction and non-governmental services. Volume of output in production fell by 5.3%, manufacturing by 5.5%, services by 1.2% and construction by 2.4%. Nominal GDP fell by 2.4% compared with Q1 2008. The GDP implied deflator rose by 1.8% over the same period. Household expenditure fell by 1.2%, gross fixed capital formation by 3.5%. GDP at curent market prices fell by 1.5%.