Member Article

UK GDP shrinks more than previously believed

The UK gross domestic product (GDP) shrank by 0.4% in the final quarter of 2011, more than previous estimates of 0.3% according to the Office for National Statistics (ONS).

The estimated figures for Q1 in 2012 have remained unchanged at 0.3%.

This is the third time that the UK GDP figure has been revised, and indicates that the UK recession is deeper than previously believed.

The decline has been attributed to a sharp fall in the construction sector.

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