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- UK Q4 GDP Contraction Confirmed At 0.3%
UK Q4 GDP Contraction Confirmed At 0.3%
The British
economy contracted 0.3 percent quarter-on-quarter in the fourth quarter,
unrevised from the previous estimate, the latest figures from the Office for
National Statistics showed Wednesday.
The third
quarter GDP figures were revised up to show a 1 percent growth for the period
compared to 0.9 percent growth reported initially.
Output of
the production industries fell 1.9 percent quarter-on-quarter in the fourth
quarter, revised down from the previously estimated 1.8 percent fall. Manufacturing
output dropped 1.3 percent, revised up from the previously estimated decrease
of 1.5 percent.
Output of
the service industries fell 0.1 percent while it was previously estimated to be
unchanged. Output of the construction industry rose 0.9 percent, stronger than
the 0.3 percent increase reported earlier.
Household
final consumption expenditure increased 0.2 percent in volume terms in the
latest quarter. Government final consumption expenditure increased 0.6 percent.
At the same
time, gross fixed capital formation decreased 0.4 percent in the fourth
quarter, following a decrease of 0.6 percent in the previous quarter.
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