Wednesday, 8 April 2009

Eurozone and UK economies contract

The euro zone shrank more than previously estimated in the last quarter of 2008. Reuters reports:

Gross domestic product in the 15 countries that were using the euro in the fourth quarter contracted 1.6 percent against the previous three months, rather than the previously reported 1.5 percent, EU statistics office Eurostat said...

Meanwhile, estimates are already coming out for UK first quarter GDP. Reuters reports:

The economy probably shrank by 1.5 percent in the first three months of this year after a 1.6 percent decline in the last three months of 2008, leading researchers said on Wednesday.

The National Institute of Economic and Social Research, an academic body that has a good track record of forecasting economic growth, said the economic slowdown so far mirrored the one which started in 1979.

In other UK news, industrial production fell by 1.0 percent in February while the Nationwide Building Society consumer confidence index fell to 41 in March from 43 in February.

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