U.K. Q4 2009 GDP revised upwards to 0.3% from 0.1%

The Office for National Statistics (ONS) said that British gross domestic product (GDP) grew by 0.3% in the final three months of 2009, revised up from the initial estimate of 0.1% but still below expectations of a 0.4% increase. U.K. GDP decreased 3.3% in 2009, one of the worst recessions in British history. The Q1 2010 data will be watched with interest for confirmation that that the decline in the economy is at an end.

Markets weak on economic worries

Yesterday, the Dow Jones Industrial Average fell 53 points to 10,321, after falling as much as 188 points at its low. The DOW is now down 2.5% for the month. The FTSE 100 index fell 65 points to 5,278. The weakness was driven by poor jobless-claims data from the U.S. which renewed worries about the economic recovery and Moody's potential downgrade of Greece's credit rating. The dollar showed strength early in the U.S. trading session as a safe haven for currency investors but the timing of the stock market reserve coincided with a move back into the Euro as short trades were closed.


Sentiment was not helped by JP Morgan's CEO Jamie Dimon's comments yesterday that he feared that the U.S. economy was heading for a double dip recession.