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28.03.12

Economy shrank by 0.3% at end of 2011

Economic growth in the UK has been revised down to a contraction of 0.3% for the last three months of 2011, figures from the Office for National Statistics (ONS) show.

The first two estimates from the ONS showed a contraction of only 0.2%, and the amendment reflects the difficult conditions faced by businesses and consumers, the ONS suggests.

For the year 2011, GDP in volume terms increased by 0.7%. Output of the production industries fell by 1.3%, within which manufacturing fell by 0.7%. Output of the service industries fell by 0.1%, while output of the construction industry fell by 0.2%.

Household final consumption expenditure increased by 0.4% in volume terms in the latest quarter. In current price terms, compensation of employees rose by 0.9% in the fourth quarter of 2011.

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