Triple-dip recession on cards for UK
The UK is on the brink of a triple-dip recession today after new figures confirmed the economy contracted by 0.3% at the end of 2012.
The Office for National Statistics stuck by its previous estimate for the fourth quarter, although it now thinks the UK economy grew by 0.3% across the whole of last year, rather than previous guidance of 0.2%.
GDP figures for the fourth quarter are due at the end of April, with the recent cold weather increasing the chances of two successive quarters of contraction, which would represent a return to recession.
The stagnant performance reflects a fall in industrial production of 2.1% in the fourth quarter and the biggest fall since the first quarter of 2009.