Britain's GDP revised to 0.3 % drop

Britain's Office of National Statistics said the gross domestic product dropped 0.3 percent in the fourth quarter, revising its preliminary estimate lower. In the third of three estimates, ONS said the GDP dropped 0.3 percent, one tick lower than the 0.2 percent decline estimated previously. Output of production industries fell 1.3 percent in the final estimate with manufacturing dropping 0.7 percent. Output of services fell 0.1 percent. In the construction sector, output dropped by 0.2 percent. ONS said consumer spending rose by 0.4 percent. Previous reports had pegged spending as rising by 0.5 percent. Compensation to employees was revised sharply, rising 0.9 percent in the fourth quarter. Previous estimates put compensation as falling 0.3 percent.