Although some revision was anticipated, the figures are much worse than expected. Extended to the whole year, the drop in output in January to March is now equal to 4.9% – the worst since records began over 60 years ago.

Revisions of this magnitude are unprecedented and the ONS said the reason was a change to its estimate of the construction and services sectors.

The ONS also revised down its figure for the second quarter of last year to minus 0.1% from the original figure of zero, meaning the recession started earlier than previously thought in the second quarter of 2008. The figure for the fourth quarter of 2008 was also revised down to minus 1.8%.

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It is perhaps ironic that, in the light of the worst figures for 50 or 60 years in the first quarter of 2009, it is increasigly likely that the second quarter might even show a small degree of growth, technically bringing the recession to an end.

If the second quarter does return to growth, the peak-to-trough decline for the UK economy will be 4.9%, which means this recession will be worse than the 1990’s but better that early 1980’s.

But sadly, an end to the recssion doesn’t mean an end to the pain. Demand will not return with positive growth figures and too many small businesses are still struggling to borrow much needed cash to help them through the recession.

As in previous recessions, unemployment will continue to rise even after GDP returns to positive territory and consumers will probably continue to rebuild their savings and spend less, especially on big-ticket items. Despite rises in their disposable income the average householder still fears for their future and will continue to do so until unemployment stops rising.

This all strengthens previous predictions of a long, slow recovery (see earlier stories) with a real risk of a relapse back into negative growth (the W shaped recession) when the current monetary and fiscal stimulus packages come to an end.