It has been well-reported that the UK economy contracted for six consecutive quarters prior to the fourth quarter of last year.
However, the UK economy left recession in the final quarter of 2009 and having originally been reported to have grown by a very disappointing 0.1%, this has recently been revised upwards to 0.3%. Although growth was revised upwards, the overall decline for the recession as a whole was increased from a 6% fall to 6.25%. The upwards revision to the growth figure was assisted by output in the service sector rising from -0.3% in the previous quarter to 0.5%. Industrial production also contributed as it rose by 0.45% in the fourth quarter compared to the 1% fall in the previous period. There ...
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