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UK Economy Shrank in Q4 More Than Estimated

Autore: Staff for Oanda

The Office for National Statistics released its third estimate for the UK’s gross domestic product.

The UK economy shrank by 0.4 percent in the final quarter of 2011. The previous estimates showed that the economy shrank by 0.3 percent. The estimate for the first quarter of this year remained unchanged – the contraction of 0.3 percent. Construction output fell by 4.9 percent, its sharpest fall since the first quarter of 2009. The household spending fell by 0.1 percent, compared with a previous estimate of 0.1 percent growth. These estimates show that the recession has been deeper than previously thought.

The data also released on Thursday showing that government spending grew between January and March at its fastest rate in nearly seven years, which further indicated the troubling state of the UK’s economy.

Some economists said they expected the Bank of England to restart next week its programme of quantitative easing, designed to boost the growth injecting money into the economy.

Source: BBC


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