UK GDP fall confirmed at -0.3 per cent

City A.M. Reporter

THE UK economy shrank at the end of 2012 in line with the previous estimate, as industrial production posted its biggest quarterly fall since the first quarter of 2009.

The Office for National Statistics (ONS) this morning confirmed that GDP dropped 0.3 per cent in the three months to December, unrevised from its previous estimate.

On the output side, the contraction was spurred by a 2.1 per cent decline in industrial production, which was the biggest fall since the first quarter of 2009.

Compared to a year ago, GDP grew 0.2 per cent, slightly less than estimated earlier.