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The UK's economy suffered a shock contraction of 0.5% in the last three months of 2010, figures have shown.
The severe weather hit activity in the quarter, but the Office for National Statistics (ONS) said even if the weather impact had been excluded, activity would have been "flattish".
Quote:
The contraction took economists by surprise, as forecasts had been for growth of between 0.2% and 0.6%.
The construction industry was a large contributor to the fall, with activity decreasing by 3.3% in the quarter.
"This is a horrendous figure. An absolute disaster for the economy. We knew that retail sales were heavily affected and that services output would be weak, but the collapse in construction was a major contributor to the downside surprise," said Hetal Mehta from Daiwa Capital.
EVERY time the economy worsens here,it is a 'surprise' or 'unexpected'....
You would think people might stop listening to such 'experts'....
Hah! They must at least have an educated guess.
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