Shocker: 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, Reuters reports.. 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.
Sterling
fell to its lowest in 13-1/2 months against the euro and hit a five-month low
against the dollar in response to the data. The euro was also buoyed by a
stronger-than-expected German Ifo sentiment survey.
http://www.reuters.com/article/2013/01/25/us-uk-gdp-idUSBRE90O0CP20130125
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