British economy shrinks by 0.3%

Reported by AAP
Wednesday, February 27, 2013
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The British economy shrank by an unrevised 0.3 percent in the fourth quarter of last year but eked out slender growth during the course of 2012, the latest official data showed on Wednesday.

"UK gross domestic product (GDP) in volume terms decreased by 0.3 percent between the third and fourth quarter of 2012, unrevised from the previously published estimate," the Office for National Statistics (ONS) said in a statement.

However, the ONS added that the British economy expanded by 0.2 percent last year.

That marked an upgrade from an initial estimate of zero growth.

Another three months of GDP contraction in the current first quarter would place Britain in its third recession since the 2008 global financial crisis.

A recession is defined as two successive quarters of economic contraction.

02/03/2015 11:58Sydney, Australia. 2 March,2015