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U.K. economy contracts 0.3% in Q4

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Investing.com - The U.K. economy contracted by 0.3% in the fourth quarter official data confirmed on Wednesday.

In a report, the Office for National Statistics said U.K. gross domestic product contracted by 0.3% in the three months to December, in line with preliminary estimates and economists' forecasts.

The ONS said annual growth for 2012 was revised down to 0.2% from a preliminary estimate for 0.3% growth.

The report said a number of unusual factors may have impacted on growth in 2012.

Bad weather and the loss of a working day due to the Diamond Jubilee may have reduced output during the second quarter. In contrast, the London 2012 Olympic and Paralympic Games in the third quarter supported output, and this may have been partly responsible the contraction in the fourth quarter.

Following the release of the data, the dollar touched session highs against the pound, with GBP/USD down 0.24% to 1.5122.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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