GDP growth in the UK is down to 4.3% from 5.3%, according to the latest figures from the Office for National Statistics.
A year ago the country’s gross domestic product was up 6.7% to £7.2 trillion.
That was a significant increase on the previous year when it was down 1.3%.
The biggest fall was in the City of London, which has lost more than £400bn in value.
The UK has the third highest per capita GDP in the world at £20,600.
The country’s largest companies are the three biggest in the country.
These are Google, Facebook and Amazon, with each holding £8.7 trillion in market capitalisation.
“The fall in GDP growth was mostly due to slower than expected demand growth in some sectors of the economy.
However, the economy is still recovering from the recession and many of the big businesses that lost out during the crisis have recovered significantly,” said Nick Worrall, deputy director of the Centre for Economic Performance at the University of Warwick.
Mr Worrass said the slowdown in growth was likely to be “severe and lasting”.
“We are still recovering and many big businesses are now returning to business.
But we are also seeing the impacts of the impact of the recession on growth,” he added.
Growth in the first quarter was down slightly from the first four months of the year, when it reached a four-year high of 5.9% in the three months to March.
“It was not unexpected that the UK economy had slowed to a halt and that the economy was growing at a relatively slow rate.
However we now know that the slowdown is much more severe than previously thought,” Mr Worralls said.
Britain’s unemployment rate fell to a six-month low of 4.7%, which was the lowest level since February 2016.
But Mr Worraes growth projections are still in flux, with growth forecasts likely to increase if Britain can achieve its goal of reaching its 2% target in 2019.
It is a measure of how long it takes for a country to return to full employment.
There are currently 5,800 people on the job in the United Kingdom, compared with more than 2,000 in March.
The economy is expected to grow by 4.4% in 2020, according to Mr Worran.