U.K. First-quarter GDP Revised To 0.3% Contraction
The British economy shrank more than initially estimated in the first three months of the year, with gross domestic product contracting by a revised 0.3% compared to the final quarter of 2011, the U.K. Office for National Statistics reported Thursday.
The British economy shrank more than initially estimated in the first three months of the year, with gross domestic product contracting by a revised 0.3% compared to the final quarter of 2011, the U.K. Office for National Statistics reported Thursday. The agency had initially estimated a 0.2% contraction. The revised contraction matches the 0.3% quarterly fall in GDP recorded in the fourth quarter of 2011. The ONS said production industries saw a 0.4% drop in output, while services rose by 0.1%. Compared to the first quarter of 2011, GDP shrank by 0.1% compared to the previous esimate of no change.
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