UK economic growth revised down to 0.3% contraction

The UK's economic growth for the last three months of 2011 has been revised down to a contraction of 0.3%.

The first two estimates of gross domestic product (GDP) from the Office for National Statistics (ONS) showed a contraction of 0.2%.

The ONS blamed the revision on the transport and communications and business services and finance sectors.

It also said real household disposable income had fallen by 1.2% in 2011, the biggest decline since 1977.

Source & Image : BBC