Economy shrank by 0.3%

The economy shrank by 0.3% between October and December, according to the Office for National Statistics. That is worse than previously estimated.

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Headline figures from the Office for National Statistics

The headline figures from the Office for National Statistics are:

  • UK gross domestic product (GDP) in volume terms decreased by 0.3 per cent in the fourth quarter of 2011, revised from a decline of 0.2 per cent previously estimated
  • For the year 2011, GDP in volume terms increased by 0.7 per cent
  • Output of the production industries fell by 1.3 per cent, within which manufacturing fell by 0.7 per cent
  • Output of the service industries fell by 0.1 per cent, while output of the construction industry fell by 0.2 per cent
  • Household final consumption expenditure increased by 0.4 per cent in volume terms in the latest quarter

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