Investing.com - The U.K. economy contracted by 0.3% in the fourth quarter of 2012, unchanged from a preliminary estimate, revised data showed on Wednesday.
In a report, the U.K.’s Office for National Statistics said gross domestic product shrank at a seasonally adjusted rate of 0.3% during the fourth quarter, in line with expectations and unchanged from an initial estimate.
The U.K.’s economy grew by 1% in the preceding quarter, upwardly revised from a previously reported 0.9%.
Year-over-year, U.K. economic growth expanded at a rate of 0.3% in the fourth quarter from a year earlier, up from a preliminary estimate of no growth and compared to expectations for a flat reading.
Total business investment fell by a seasonally adjusted 1.2% in the fourth quarter, confounding expectations for a 2.2% gain after rising 3.8% gain in the preceding quarter.
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD adding 0.03% to hit 1.5131.
Meanwhile, European stock markets were modestly higher. The FTSE 100 climbed 0.15%, the EURO STOXX 50 rose 0.15%, France’s CAC 40 added 0.3%, while Germany's DAX tacked on 0.1%.
In a report, the U.K.’s Office for National Statistics said gross domestic product shrank at a seasonally adjusted rate of 0.3% during the fourth quarter, in line with expectations and unchanged from an initial estimate.
The U.K.’s economy grew by 1% in the preceding quarter, upwardly revised from a previously reported 0.9%.
Year-over-year, U.K. economic growth expanded at a rate of 0.3% in the fourth quarter from a year earlier, up from a preliminary estimate of no growth and compared to expectations for a flat reading.
Total business investment fell by a seasonally adjusted 1.2% in the fourth quarter, confounding expectations for a 2.2% gain after rising 3.8% gain in the preceding quarter.
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD adding 0.03% to hit 1.5131.
Meanwhile, European stock markets were modestly higher. The FTSE 100 climbed 0.15%, the EURO STOXX 50 rose 0.15%, France’s CAC 40 added 0.3%, while Germany's DAX tacked on 0.1%.