CBI comment on latest GDP data
May 3rd 2009

The CBI comments on the latest GDP figure for the first quarter of 2009 released by the government, which shows a fall of 1.9%.

John Cridland, CBI Deputy-Director General, said: “The figure is worse than some expected, and shows how grim the last three months have been.

“On Monday, the CBI forecast a fall of 1.8% for the first quarter, and we expect the economy to contract by 3.9% this year.

“Looking ahead, the best we can say is that the pace of economic decline may slow in the coming months. Given that unemployment will continue rising sharply, even if businesses begin to see the rate of decline in activity starting to ease, consumers are likely to feel anxious about job prospects.”

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