Bad news for the UK economy as 2012 drew to an end

According to the Office for National Statistics (ONS), the UK economy shrank by 0.3% in the last three months of 2012. 

Having grown by 0.9% in the previous quarter following the London Olympics, we saw a fall in output at the end last year, prompting fears that the economy may re-enter recession.

 The ONS puts this development down largely to a drop in mining and quarrying, after maintenance delays at the UK’s largest North Sea oil field.

 Source: BBC News



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