The United Kingdom economy shrank by 0.3% in the fourth quarter of 2012 according to figures released today by the Office for National Statistics, increasing the likelihood of a triple-dip recession. This comes after the 0.9% growth seen in the preceding quarter which is believed to have been due to the Olympic Games. The Office for National Statistics has said economic output remained flat throughout 2012.
The British economy would have to contract in this quarter in order for there to be a recession, but hopes of positive figures are fading after a snow-hit Britain to the beginning of 2013 with figures suggesting a £500m a day being lost in output.
Chancellor of the ExchequerGeorge Osborne said, "We can either run away from those problems or we can confront them. And I'm determined to confront them so we can go on creating jobs for the people of this country".
The construction sector rose by 0.3%, however, the production in the industrial and manufacturing sector fell by 1.8% and 1.5% respectively.
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