Growth drops to 10-year low
12 April 2012
BRITAIN'S economy grew by more than previously thought last year, but still put in its worst performance in a decade. Revised official figures showed gross domestic product rose by 1.8% in 2002 rather than the 1.6% pencilled in - the weakest growth since 1992. Fourth-quarter growth was unrevised at 0.4%.
The trade position improved, however, with the current account deficit shrinking to £8.7bn from £12.5bn in 2001. Bank of England monetary policy committee member Marian Bell once again boosted hopes of further cuts in interest rates, saying higher inflation was no bar to a reduction.
