The UK economy contracted more than initially estimated during the fourth quarter, revised data released by the Office for National Statistics showed Wednesday.

The gross domestic product fell 0.3 percent quarter-on-quarter in the fourth quarter compared to the previously estimated 0.2 percent decline. Meanwhile, the third quarter GDP growth was revised up to 0.6 percent from 0.5 percent estimated previously.

For the year 2011, GDP in volume terms increased 0.7 percent. Household final consumption expenditure increased 0.4 percent in volume terms during the period.

RTTNews