UK GDP down by 0.3% in Q4 2012

The ONS (Office of National Statistics ) has released disappointing production figures for the last quarter of 2012, sparking off fears of a triple dip recession. The equivalent period a year earlier showing GDP of 0.9 pct.

The drop was mainly due to lower North sea production in one of the larger oil fields, out of action for a month due to essential maintenance work and weaker manufacturing figures mainly from the mining and quarrying sectors showing a 10% reduction in output.

With artic weather conditions impacting on industry in large parts of the UK in January 2013, it will be touch and go whether the UK can avoid a second successive quarter of lower growth, when the next results are published late April, that would indicate a third period of recession.