Today the ONS has updated its estimate to a -2.4% drop in GDP in the first three months of 2009. The ONS also now says the recession began during the second quarter (Apr-Jun) of 2008 rather than during July to September, so that the recession has now been running for a whole year. This means GDP in March 2009 was -4.9% lower than it was in March 2008.
This is how the GDP figure for the first quarter of 2009 broke down across the different sectors:
- Construction: down 6.9%
- Service sector: down 1.6%
- Banking and finance: down 2.5%
- Manufacturing: down 5.5%