The Office for National Statistics has released the new gross domestic product (GDP) figures and they are much worse than previously expected. GDP shrank to 0.3% in the fourth quarter, leading to predictions that the UK economy is about to enter a triple-dip recession. A 0.3% rise in construction output was offset by a 1.5% fall in manufacturing between October and December. The fourth-quarter fall is a reversal of the 0.9% recovery in the third quarter of last year, when the Olympics and the Queen’s Jubilee were factors attributed to growth.
Latest Gross Domestic Product Figures (Q4 2012)
he Office for National Statistics has released the new gross domestic product (GDP) figures and they are much worse than previously expected.