Thursday, June 28, 2012

4thQ 2011 UK GDP revised down, shrank by .4%, not .3, this was third revision, construction cited-BBC

6/28/12, "UK economy shrank more than thought, say official figures," BBC

"The UK economy shrank by 0.4% in the final three months of last year, compared with previous estimates of a fall of 0.3%, official figures show.

The estimate for the first quarter of this year was unchanged, showing the economy shrank by 0.3% in that period.

The estimate for the UK's gross domestic product from the Office for National Statistics (ONS) was the third revision to the data.

They show the UK's recession has been deeper than previously thought.

A sharp fall in the construction sector was one of the main causes for the downward revision."

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