Chief economist Joe Grice
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UK GDP figures reveal smaller fall

The UK economy shrank by less than previously thought in the last three months of 2010, revised figures show.

However, the Office for National Statistics recorded the biggest trade in goods deficit since records began in 1955 - equivalent to 7.3% of GDP

ONS chief economist Joe Grice told the BBC: "We now think the deficit was £10.5bn in the fourth quarter as opposed to £8.5bn in the third quarter - that's about 2.9% GDP. It's not a huge number but actually, not closing, getting slightly worse."

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