Britain's economy shrank 0.5% in Q4 2010, not as much as was originally believed, according to the Office for National Statistics in London, which said Tuesday that figures had been revised upward to reflect more accurate levels of services and factory output.
Bloomberg News reported that the original number of 0.6% had been the median figure supported by economists who were surveyed by the news organization. However, the new number reflected a slightly less pessimistic state of affairs in the U.K. If the effects of the coldest December in more than 100 years was discounted, the Office said, growth for the period was "broadly flat." The GDP report also indicated a drop in investment in Q4 by 1.8%—again, not as bad as originally anticipated at 2.5%.
Production output growth and decline in services were revised to 0.8% from 0.7% and to 0.6% from 0.7%, respectively. Exports were up by 1.7% and imports leaped up 3.2%, which was the most in a year. Government spending also rose 0.4%.
