UK economy contracts by 1.5%


UK economy contracts by 1.5%
The UK economy contracted by 1.5 per cent in the first three months of 2009, new figures show.

The data from the National Institute of Economic and Social Research (NIESR) shows the current recession matching that of the early 1980s, suggesting the downturn could last for another year.

Analysts also warn it may take two years for the UK economy to return to pre-recession levels of economic output.

"While there is no obvious reason why the profile of the current recession should match that of the early 1980s, the rate of output decline so far has been very similar," the NIESR estimates state.

"If the 1980s profile were followed, output would continue to decline for up to another year and it would take two further years before the level of output enjoyed at the start of 2008 would be reached again."

Research by Nationwide also out today shows consumer confidence is also remaining muted – with the building society's consumer confidence index falling two points.

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