The phrase "a sharp contraction of" is correct and usable in written English.
It can be used to describe a significant decrease or reduction in something, often in economic or physical contexts.
Example: "The report indicated a sharp contraction of the economy during the last quarter, leading to widespread job losses."
Alternatives: "a significant decline in" or "a steep reduction of".
A sharp contraction of GDP means that subsequent growth will be calculated from a much smaller base.
Austerity policies imposed by the authorities contributed to a sharp contraction of the Greek economy last year.
A sharp contraction of trade in the Byzantine Empire was exacerbated by wild overspending by Venice, the medieval equivalent of a European central bank.
The 15percentt rise in fares, after all, resulted in large part from a sharp contraction of airline fleets brought on by bankruptcies and a drop in air travel after the terrorist attacks of Sept. 11, 2001.
But a sales-tax rise baked in for October 2015 (from 8% to 10%) will create fear as the year progresses; the previous jump (from 5% to 8%) caused a sharp contraction of the country's economy in 2014.
She saw curbing inflation as her chief priority, but the policies she followed, especially the raising of interest rates to an all-time high of seventeen per cent, caused a dramatic rise in unemployment and a sharp contraction of the economy.
The fund now estimates that Europe will experience a mild 0.1 percent contraction — down from a September forecast of 1.4 percent growth — with a sharper contraction of 0.5 percent among the 17 countries that use the euro currency and deeper recessions in Italy and Spain.
"Despite the draining impact of a loss of $8 trillion of stock market wealth, a sharp contraction in capital investment and, of course, the tragic events of Sept. 11, 2001, our economy held firm," Mr. Greenspan said last week in a speech in London.
Do you look at Ireland, which suffered a sharp contraction as a result of its fiscal reordering?
Next year's budget deficit, at around 11.6% of GDP, will be similar to this year's.The budget came against the background of a sharp contraction in economic activity, far greater than that experienced in other euro-area countries.
Economists fell over themselves in describing the dire nature of the jobs report, which they said was alarming confirmation that the economy was in the midst of a sharp contraction in which consumer spending and business investment bordered on free fall.
