LONDON (AP) - Official statisticians say that Britain's economy contracted by half a percent in the last three months of last year.
The figure shocked the market, which had been expecting modest growth, albeit at a slower rate than the 0.7 percent logged in the third quarter. The Office for National Statistics said Tuesday severe winter weather in December had a strong impact - if not for the snow, it estimated that growth would have been flat for the period.
The figure was a preliminary estimate, and those readings are subject to revision.