UK output falling fast

UK output fell over the last year (12 months to June) at a rate of 5.6% (see this BBC page for details). This is almost the same as the negative growth experienced in the worst 12 months in the Great Depression (-5.8%), although current records began in 1955 so it may not be strictly comparable. The last quarter's decline, while much smaller than the previous one (see graphic from the BBC), was worst than expected. These figures tend to get revised after a bit---see Stephanie Flanders' blog for a guess about which way the current figures might be revised.