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British GDP declined by 0.3% in Q4 when compared with the previous quarter, according to preliminary data from the country's Office for National Statistics. On an annual basis during the quarter as well as the full year, the indicator was flat.
The Q4 decline is attributable to a drop in the output of manufacturing industries. That sector is estimated to have fallen by 1.8% quarter-on-quarter. The same data for the construction industry indicated a rise of 0.3%, while that for services was flat.
According to a report in The Wall Street Journal, the U.K. is the third high-profile European country to report a Q4 GDP decline, following Spain (0.6%) and Germany (0.5%).