Economy shrank more than first thought

The UK economy shrank by more than previously thought in the last quarter of 2010, revised figures from the Office for National Statistics show.

Gross domestic product (GDP) was down by 0.6% against the initial estimate of a 0.5% contraction.

Manufacturing output was only up by 1.1% in the fourth quarter against the 1.4% initial estimate, but it was still better than the 0.9% rise for the third quarter. Production industries’ growth was only 0.7% against the initial estimate of 0.9% but again was an improvement on the 0.4% rise for the third quarter.

www.statistics.gov.uk/pdfdir/oie0211.pdf