UK GDP increased by 1% in 2011

Posted on 13 Jan 2012 by Tim Brown

The UK’s economy grew by 0.1% in the three months ending in December 2011, according to the latest figures from the National Institute of Economic and Social Research (NIESR) today.

The result comes after a rate of growth of 0.3% in the three months ending in November and a total economic growth  of one per cent in 2011.

While the result is positive, the amount of economic growth is only half of what was reached in 2010 (2.1%). In addition, according to the figures, output in industry contracted at a rate of 5% rate in the final three months of 2011 compared to agriculture which rose by 1.2% and by private services which increased 2.5%.