U.K. Q4 GDP Decline Confirmed At 0.2%
Saturday, 25 February 2012 | 00:00
The U.K. economy contracted in the fourth quarter for the first time in a year, in line with previous estimate, second estimate released by the Office for National Statistics showed Friday.
Gross domestic product dropped 0.2 percent sequentially in the fourth quarter, as initially estimated. Meanwhile, the third quarter growth was revised down to 0.5 percent from 0.6 percent.
Household spending grew 0.5 percent in the fourth quarter, following a 0.1 percent drop in the previous quarter. Government spending rose 1 percent after falling 0.3 percent a quarter ago.
On the other hand, fixed capital formation declined at a faster pace of 2.8 percent. The deficit in net trade was GBP 2.5 billion, compared with a deficit in net trade of GBP 4.4 billion in the third quarter.
Source: RTT News
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