UK economy shrinks 0.3% in fourth quarter

Britain's economy shrank by 0.3 percent in the fourth quarter of last year compared with the third, revised official data showed on Wednesday. The final estimate for gross domestic product between October and December was worse than the previous figure of a 0.2-percent contraction, the Office for National Statistics said in a statement. Expectations had been for no change. A further contraction in the first quarter of 2012 would place Britain back in recession, defined as two successive negative quarters. First-quarter data is scheduled for publication next month. The ONS also revised down its growth estimate for the whole of 2011 to 0.7 percent from the previously given 0.8 percent.