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Construction Industry Affects UK Economy - 14/06/2009

There have been speculations abound regarding the state of the economy both at home and overseas; and continuous questions are being asked about when the global economies; and more importantly the UK economy, will begin to pick itself out of the recession it now finds itself in.

So every month we are hearing new statistics regarding the rises and falls in the UK economy; and this month is no different as the Office of National Statistics (ONS) announced their latest findings that will affect the present financial state of this country.

Estimates for how much the UK economy shrank in the first quarter of 2009 have been very important for predicting the future of growth; and previous figures suggested that it had contracted by 1.9%.

But figures released by the ONS reflecting the state of the construction industry in the first three months of this year have shown that it shrank much more than expected with output falling by 9%; which will dramatically increase the overall figure for how much the UK economy has shrunk; suggesting it could make it 2.2% instead.