Shrinking economy

The economy contracted by 0.3% in the final quarter of 2012, according to the third estimate of gross domestic product from the Office for National Statistics.

The output of the production industries (manufacturing, mining and utilities) was down by 2.1% on the previous quarter.

Manufacturing output was down by 1.4%. It is the fourth quarterly fall out of the last six quarters; it was flat at the start of 2012 and the only quarterly rise was in the third quarter 2012.

www.ons.gov.uk/ons/dcp171778_303085.pdf