UK DATA: Q4 2nd Revision GDP -0.3% q/q; +0.5% y/y
–GDP revised down on lower services output
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UK economic growth was revised lower in the final quarter of 2011,
as services output fell for the first time for a year. While the figures
are backward looking, they show growth running further below where the
Bank of England thought it would be and will raise further concerns
about how robust the economic recovery is. GDP was revised down to show
a fall of 0.3% on the quarter and increase of 0.5% on the year, compared
with the previous estimate for a quarterly fall of 0.2% and annual rise
of 0.7%. Analysts had expected there to be no revision to the data. The
main reason was a downward revision to services output which was revised
down to show a fall of 0.1% on the quarter against the earlier estimate
of unchanged. This was the first fall since Q4 2010.