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Britain's economy flirts with "triple dip" recession
Topic Started: January 25, 2013, 10:10 am (183 Views)
Blessedx4
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Britain's economy flirts with "triple dip" recession
7:08am EST
By David Milliken and Olesya Dmitracova
Quote:
 
LONDON (Reuters) - Britain's economy shrank more than expected at the end of 2012 with a North Sea oil production slump, lower factory output and a hangover from London's Olympics pushing it perilously close to a "triple-dip" recession.

The country's gross domestic product fell 0.3 percent in the fourth quarter, the Office for National Statistics said on Friday, sharper than a 0.1 percent decline forecast by analysts.

The news is a blow for Britain's Conservative-led government, which a day earlier defended its austerity program against criticism from the International Monetary Fund. It needs solid growth to meet its budget targets, keep a triple-A debt rating and bolster its chances of winning a 2015 election.
To read more > http://www.reuters.com/assets/print?aid=USBRE90O0CP20130125
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