February 23, 2009
Economists fear the worst
Story link: Economists fear the worst
Figures may not be exactly what they seem on the surface. The recession has made a stable British Economy, into one that has seen its worst economic performance in its fourth quarter for nearly 30 years.
Economists said weak industrial production data is likely to trigger a downward revision to the initial estimate by the Office for National Statistics that gross domestic product fell by 1.5pc in the fourth quarter of 2008, the worst performance since the second quarter of 1980.
At the time ONS had factored in a 3.9pc decline in production over the period, whereas figures released since then revealed a 4.5pc fall. That would have dragged GDP down further, resulting overall in a 1.6pc drop in GDP, economists said.