Investing.com - The U.K. economy shrank more than initially estimated in the first three months of 2012, driven by the sharpest quarterly contraction in construction since the first quarter of 2009, official data showed on Thursday.
In a report, the U.K.’s Office for National Statistics said gross domestic product contracted at a seasonally adjusted rate of 0.3% during the first quarter, compared to preliminary estimate of 0.2%.
Analysts expected U.K. GDP to remain unchanged from the preliminary estimate.
Annualized GDP fell at a rate of 0.1%, compared to a preliminary estimate of flat growth.
According to the ONS, the downward revision was driven by the sharpest quarterly contraction in construction since the first three months of 2009.
Following the release of that data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.16% to hit 1.5667.
Meanwhile, European stock markets were broadly mixed. The FTSE 100 climbed 0.4%, the EURO STOXX 50 fell 0.2%, France’s CAC 40 dipped 0.1%, while Germany's DAX declined 0.3%.
In a report, the U.K.’s Office for National Statistics said gross domestic product contracted at a seasonally adjusted rate of 0.3% during the first quarter, compared to preliminary estimate of 0.2%.
Analysts expected U.K. GDP to remain unchanged from the preliminary estimate.
Annualized GDP fell at a rate of 0.1%, compared to a preliminary estimate of flat growth.
According to the ONS, the downward revision was driven by the sharpest quarterly contraction in construction since the first three months of 2009.
Following the release of that data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.16% to hit 1.5667.
Meanwhile, European stock markets were broadly mixed. The FTSE 100 climbed 0.4%, the EURO STOXX 50 fell 0.2%, France’s CAC 40 dipped 0.1%, while Germany's DAX declined 0.3%.