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GDP growth revised upwards slightly

British GDP contracted less in the fourth quarter than previously estimated, according to the Office for National Statistics.

GDP growth contracted by 0.5 per cent, rather than 0.6 per cent as previously assumed.
This final revision shows GDP for in the fourth quarter was 1.5 per cent higher than in the same period for 2009.

In particular, the ONS revised up growth in production industries to 0.8 per cent. Output in manufacturing increased by 1.1 per cent, mining and quarrying by 4.1 per cent and utilities by 4.3 per cent.

Construction fell by 2.3 per cent compared with a growth rate of 3.8 per cent in the third quarter. The services industry fell by 0.6 per cent, largely owing to a drop of 1.7 per cent for transport, storage and communications services.

Although household expenditure fell 0.3 per cent, household spending is still 0.2 per cent higher than in the fourth quarter of 2009.

The government’s final consumption expenditure rose by 0.4 per cent, 0.6 per cent higher than for the same period last year.

The trade deficit increased in real terms to reach £11.5 billion, brought about by a 3.2 per cent increase in the imports of goods and services compared with a 1.7 per cent increase in exports.

Compared with the figure for the fourth quarter of 2009, the GDP implied deflator, or the measure which is used to adjust GDP figures for inflation, was up 2.7 per cent.


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