The U.K. economy shrank more than initially estimated during the first quarter, the Office for National Statistics said Thursday.
Gross domestic product shrank 0.3 percent, slightly bigger than the previously estimated drop of 0.2 percent.
The first quarter decline follows a similar 0.3 percent GDP decline in the fourth quarter of 2011. Two straight quarters of contraction signals a recession.
Output of the production industries fell 0.4 percent, within which manufacturing output was flat. The construction industry fell sharply by 4.8 percent. Meanwhile, output of the service industries rose by 0.1 percent.
In a separate report, the ONS said business investment rose by GBP 1.1 billion sequentially to GBP 30.8 billion. On a yearly basis, investment grew GBP 3.8 billion or 14.2 percent.
by RTT Staff Writer
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