Figures confirm UK GDP fell by 0.2% in last quarter

A second official estimate of GDP has confirmed that the UK economy shrank by 0.2% in the last quarter of 2011.

The second estimate from the Office for National Statistics (ONS) follows a "flash" estimate given in January.

The fall in GDP was largely driven by the biggest drop in business investment for a year.

Jane Foley from Rabobank says that more recent data suggests that the chance of a "double-dip" recession is less likely.