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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