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UK economic contraction worse than feared

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UK economic contraction worse than feared

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Britain’s economy shrank more than twice as fast as was expected in the second quarter of this year.

Gross domestic product fell 0.8 percent between April and June from the first three months of the year. Compared with the same period last year, GDP was 5.6 percent lower, the biggest annual decline since records began in 1955. The new figures dashed hopes of the UK making a speedy recovery from the recession.