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Commenting on today’s GDP data, the chief economist at EEF, the manufacturers’ organisation, said:
The Office for National Statistics has warned that two events may have influenced the dip in GDP figures in the final three months of 2012:
- The mining and quarrying sector was affected by "extended and unseasonably late maintenance to the largest of North Sea oil fields.
- While the third quarter of 2012 had a boost from the sales of Olympics tickets, the fourth quarter did not.
The Royal Bank of Scotland's Group Economists have been sharing their analysis of the GDP figures on Twitter.
The Shadow Business Secretary Chuka Umunna had this reaction to today's GDP figures:
A statement from the Treasury said that the contraction in the economy in the fourth quarter of 2012 was expected:
The Office for National Statistics has said that economic output as a whole remained flat in 2012.
This is how different sectors performed in the final three months of 2012:
- Overall - contraction by 0.3%
- Production - fell by 1.8% (within that manufacturing fell by 1.5%)
- Service - remained flat
- Construction - rose by 0.3%
So no growth at all in 2012 if these figures aren't revised, which they may well be.
The Office for National Statistics has announced that GDP shrank by 0.3% in the final three months of 2012, compared with a 0.9% rise in the previous three months.
The announcement could mean the start of another period of recession the UK.
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