LONDON: 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 Olympics pushing it perilously close to a “triple-dip” recession.
The country’s gross domestic product fell 0.3 per cent in the fourth quarter, the office for national statistics said on Friday, a sharper fall than the 0.1 per cent decline forecast by analysts.
The news is a blow for Britain’s Conservative-led government, which a day earlier defended its austerity programme 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.
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