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UK economy contracts 0.2% in Q4

UK ECONOMIC activity contracted by 0.2% in the fourth quarter, according to official figures from the Office for National Statistics.

Economist consensus predicted a fall of 0.1%. GDP for 2011 as a whole rose by 0.9%.

The output of the production industries decreased by 1.2%, while the construction sector suffered a 0.5% decline.

The result marks a sharp decline from the previous quarter when GDP grew by 0.6%

“UK GDP was weaker than expected and the minutes of the Bank of England’s January meeting showed some members saying that further asset purchases were likely,” said Stephen Gallo, head of market analysis at currency broker Schneider Foreign Exchange.

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