UK economy shrank more than predicted in first quarter

declinederivatives

This is worse than the initial estimate of 0.2% contraction that the ONS predicted for the quarter earlier this year.

The construction industry was a particular area of weakness in terms of output, falling by 4.8% in Q1, compared with a 0.2% contraction in the final quarter of 2011.

Output of the services industry rose by 0.1% in the first quarter of the year, while output of the production industries fell by 0.4%.

The ONS said: “The services industries have contributed positively to growth in

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