UK GDP woes confirmed with 0.3% fall in Q4

UK GDP contracted 0.3% in the last quarter of 2012, according the second reading of the data.

This figure is unchanged from the first reading in January, and will give economists continued cause for concern. Initally they had expected a 0.1% contraction in growth, with many pointing to an expected reversal of the 'Olympics effect' that had helped the economy grow 0.9% in Q3. According to the figures from the Office for National Statistics (ONS), the production industries fell by 1.9%, revised down from the previously estimated 1.8% fall. Manufacturing output fell by 1.3%, revised up from the previously estimated decrease of 1.5%. Output of the service industries fell by ...