25 January 2012 10:39 [Source: ICIS news]
LONDON (ICIS)--The ?xml:namespace>
The drop in economic activity follows a 0.6% growth of GDP during the third quarter of 2011.
Output of the production industries decreased by 1.2% in fourth quarter of 2011, compared with an increase of 0.2% in the third quarter.
Construction sector output fell by 0.5% in the fourth quarter of 2011, compared with an increase of 0.3% in the previous quarter.
Fourth-quarter output of the service industries remained unchanged, following a rise of 0.7% in the previous quarter.
Compared with the same period of 2010, GDP in the fourth-quarter in volume terms increased by 0.8%.
The figures are a preliminary estimate, which could be revised either up or down by 0.2%.
On Tuesday the International Monetary Fund cut its growth forecast for the UK economy in 2012 from 1.6% to 0.6%.
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