Business News

Britain firms GDP estimate, off 0.2 percent

Published: Feb. 24, 2012 at 12:56 PM

LONDON, Feb. 24 (UPI) -- Britain's Office of National Statistics said the gross domestic product dropped 0.2 percent in the fourth quarter, consistent with a previous report.

In the second of three estimates, ONS said GDP dropped after rising 0.2 percent in the previous quarter.

Output of production industries fell further than previously announced, dropping 1.4 percent in the fourth quarter rather than 1.2 percent.

ONS said output by service industries, up 0.7 percent in the previous quarter, was unchanged from the third to the fourth quarter.

Consumer spending rose by 0.5 percent, while compensation to employees dropped 0.3 percent, ONS said.

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