UK economy shrank at end of 2012
- Published on Friday, 25 January 2013 09:56
- Posted by Scott Buckler
The UK economy shrank in the last three months of 2012, further fuelling fears that the economy could re-enter recession
The Office for National Statistics (ONS) said the economy contracted 0.3% in the October to December quarter.The economy had grown by 0.9% in the previous quarter, boosted by the London 2012 Olympic Games.
For the whole year, growth was flat, the ONS said, adding that the "bumpy economy" was on a "sluggish trend". Manufacturing fell by 1.5% in the quarter, the services sector was flat, but construction output rose by 0.3%.