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Britain’s GDP Declines
The U.K. economy, which expanded 0.9% from the second to the third quarter of 2012, contracted 0.3% in the October-December period, according to the preliminary estimate from the country's Office for National Statistics.
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The U.K. economy, which expanded 0.9% from the second to the third quarter of 2012, contracted 0.3% in the October-December period, according to the preliminary estimate from the country's Office for National Statistics.
Economists say the drop revives fears that Britain's economy could fall back into recession.
The ONS reports that a major factor in shrinking gross domestic product was a 1.5% decline in manufacturing. The bureau also cites the falloff from the third-quarter surge in government and services activity during the Olympic Games.
Fourth-quarter GDP was unchanged from the same period a year earlier.
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