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Revised GDP figures show smaller fall

The UK economy shrank by less than previously thought in the last three months of 2010, new figures have revealed.

Gross domestic product (GDP) fell by 0.5% in the period, according to fresh data from the Office for National Statistics (ONS).

A previous revision by the ONS said GDP had fallen 0.6% in the quarter.

The ONS said that output from production industries, which include manufacturing and mining, was higher than previously anticipated.

Its initial estimate had suggested the economy had contracted by 0.5% - with heavy snow blamed for the slump.

The ONS said the snow still accounted for the contraction - without it, growth would have been flat.

The 0.5% fall is the largest quarterly contraction since the second quarter of 2009.

The annual rate of growth was unrevised at 1.5% in the latest estimate.

This was posted in Bdaily's Members' News section by Ruth Mitchell .