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Showing posts with the label BBC News | UK GDP Analysis (January 25

UK economy shrank at end of 2012: BBC News | UK GDP Analysis (January 25, 2013).

25 January 2013 Last updated at 12:01 GMT UK GDP: Economy shrank at end of 2012 Continue reading the main story UK GDP growth, quarter on previous quarter % Source: ONS -0.3% 2008 2009 2010 2011 2012 -3.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 Continue reading the main story UK Economy What is GDP? What is inflation? What is quantitative easing? Is inflation making you poorer? The UK economy shrank by 0.3% 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 fall in output was largely due to a drop in mining and quarrying, after maintenance delays at the UK's largest North Sea oil field. 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.