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Business News for 25th February 2011 :: UK economy worse than thought after gdp is revised down

Gross domestic product (GDP) slipped by 0.6% in the period, according to fresh data from the Office for National Statistics (ONS).

Its initial estimate had suggested the economy had contracted by 0.5% - with heavy snow blamed for the slump.However the ONS said that the revision was not a dramatic one.

"It's not that much of a shock, this is a very small revision," the organisation's chief economist Joe Grice told BBC News.

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