UK Economic Output Revised Down

According to the data from the Office for National Statistics (ONS), the UK’s economic growth for the last three months of 2011 was revised down, contracting to negative 0.3 percent. The earlier estimates of gross domestic product (GDP) from the ONS indicated a contraction of 0.2 percent.

The negative economic growth came from the transport, communications and business services and finance sectors.

The ONS also said that real household disposable income had fallen by 1.2 percent in 2011, the biggest decline since 1977.

There was some positive news in the released numbers relating to the investment figures, which were revised up.

However, the annual GDP growth for 2011 had also been revised down to 0.7 percent from 0.8 percent.

The UK’s economy has been changing between growth and contraction in successive quarters since the middle of 2010. Analysts expect that trend to continue, suggesting that the economy may have grown in the first three months of 2012, and that once again there may not have been a technical return to recession.

Source: BBC

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