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UK GDP Falls By 0.3% In Last Quarter
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by liamssoft | January 25, 2013 at 03:11 am
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The UK's national output has fallen by 0.3% in the fourth quarter, according to the Office for National Statistics.
The contraction of gross domestic product (GDP), which was worse than most forecasts, compared to a 0.9% rise in the previous three months.
Britain now appears closer to its third recession in four years, or the so-called triple-dip recession.
GDP is seen as the broadest measure of a country's economic output, and the figure undergoes regular revision as more data reaches statisticians.
The ONS said GDP contracted partially on lower output from the North Sea resource producers and manufacturers.
Mining and quarrying also suffered its biggest fall in output since records began in 1997.
Quarries supply a range of other sectors including construction, railways and roadbuilding - including pothole repairing.
The ONS also said it was the biggest contraction in Government and other services sector since the second quarter of 2008.
The figure now raises more concerns over the economic policy of the coalition Government.....read more
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