Worse Than Expected Figures
Wednesday, March 4, 2009 10:05
Today, shares across the UK, US and Europe tumbled after it emerged that in the fourth quarter of 2008, the US economy shrank at the fastest rate ever since 1982, which is far worse than the initial estimation of the US Government.
Between October and December last year, GDP declined at an annual rate of 6.2%, which was above initial estimates of 3.8%. According to the new worse than expected GDP numbers, the economy of US has actually contracted by 6.2%.
Responding to this, the FTSE 100 index in London today further plunged below the 4000 level, losing 127.35 points to 3788.29 and the Dow Jones industrial average in the US fell 132.45 points to 7049.63. Meanwhile, the Frankfurt’s Dax fell by 4.1% and French-listed stocks dropped 3.3% to 2654.52.
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