UK economy shrank more than predicted in first quarter
The UK economy shrank by 0.3% in the first quarter of 2012, according to figures from the Office of National Statistics (ONS).
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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