GDP figures show contraction was less than expected
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The economy contracted by 0.5% in Q4 2010, slightly less than the 0.6% that had been expected.
Gross domestic product fell by 0.5% in the final three months of last year, figures from the Office for National Statistics show.
The annual growth rate was unchanged at 1.5%.
Output from construction indus-tries was revised up, to a contrac-tion of 2.3% from the previous estimate of a 2.5% contraction.
Service sector output was also revised up to a 0.6% contraction from a 0.7% contraction.
Emma Wilson, currency broker at forex firm Currency Solutions, says: “Judgement day for the eco-nomy and the government is coming with the publication of Q1 figures in a month’s time.
“If there isn’t a significant improvement, confidence in the economy could plummet.”
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