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UK economy contraction worse than previously estimated
New figures show the UK’s gross domestic product (GDP) contracted by 0.6% in the fourth quarter of 2010, worse than the previously estimated figure of 0.5%.
New figures show the UK’s gross domestic product (GDP) contracted by 0.6% in the fourth quarter of 2010, worse than the previously estimated figure of 0.5%.
The estimated figure of 0.5% had been largely blamed on the severe weather conditions.
Statistics released today by the Office for National Statistics show the GDP in the fourth quarter of last year is now 1.5% higher than the fourth quarter of 2009.
But In the fourth quarter of 2010, the trade deficit in real terms increased to £10.2bn from £9.3bn. Exports of goods and services rose 2.3%, but imports rose by 3%.
Output of the production industries was revised down from 0.9% to 0.7% growth in the latest quarter.
Within production, manufacturing output increased by 1.1% and utilities output grew by 4.6% while mining and quarrying output fell by 4.5%.
Household expenditure fell 0.1% following a rise of 0.1% in the third quarter of 2010.
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