The decline in the current administration, at a rate of 3.1percentt a year, is the steepest yet seen.
Mr. Hevesi's report estimates that tax revenues will decline in the current fiscal year by 7.1percentt, or $1.6 billion.
Economists at Bank of America think consumer spending will decline in the current quarter, for the first time in 17 years.
With hourly wages flat and the length of the workweek down, average weekly earnings for nonsupervisory employees fell $1.46 in January, the biggest decline in the current downturn.
Mr. Sinn acknowledged a decline in the current state of the manufacturing and construction sectors, but said the wholesaling and retailing climate had improved.
The data suggest that if the wells' production continues to decline in the current manner, many will become financially unviable within 10 to 15 years.
While G.D.P. did expand in the third quarter of this year, the Office of Budget Responsibility, an independent economic agency that Osborne set up, has said that it expects another decline in the current quarter.
With the dollar strengthening recently against the euro, currency-related gains will most likely decline in the current quarter, analysts say.
The gross domestic product for the euro area declined in the second quarter — something that has not happened since the euro was created in the late 1990s — and many economists forecast there will be another decline in the current quarter.
In a related development, the department said there was "a probability" that the gross na tional product, the total of all goods and services advanced, measured in constant prices, would show a decline in the current quarter.
