Investing.com – The U.K. economy contracted less-than-initially estimated during the fourth quarter of 2010, official data showed on Tuesday.
In a report, the U.K.’s National Statistics Office said gross domestic product declined at a seasonally adjusted rate of 0.5% during the fourth quarter, compared to a preliminary estimate of 0.6%.
Analysts had expected U.K. gross domestic product to fall by 0.6% in the fourth quarter.
The report said that year-on-year, GDP grew at an annualized rate of 1.5%, in line with expectations and unchanged from a preliminary estimate.
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD rising 0.15% to hit 1.6018.
Meanwhile, European stock markets were down. The FTSE 100 shed 0.05%, the EURO STOXX 50 declined 0.35%, France’s CAC 40 slumped 0.26%, and Germany's DAX dipped 0.25%.
In a report, the U.K.’s National Statistics Office said gross domestic product declined at a seasonally adjusted rate of 0.5% during the fourth quarter, compared to a preliminary estimate of 0.6%.
Analysts had expected U.K. gross domestic product to fall by 0.6% in the fourth quarter.
The report said that year-on-year, GDP grew at an annualized rate of 1.5%, in line with expectations and unchanged from a preliminary estimate.
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD rising 0.15% to hit 1.6018.
Meanwhile, European stock markets were down. The FTSE 100 shed 0.05%, the EURO STOXX 50 declined 0.35%, France’s CAC 40 slumped 0.26%, and Germany's DAX dipped 0.25%.