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Economy shrinks again

GDP fell by 0.3% in the last three months of 2012, according to official figures released today. It could mean the start of another period of recession for the UK.

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What is GDP?

GDP stands for Gross Domestic Product, and it attempts to show the economic state of the country in a number.

It's a measure of how the economy has grown or contracted over a three month period.

The level of GDP is measured in three ways: the value of the goods and services produced by the economy, the value of goods and services purchased by households and the government, and the income generated in terms of profit and wages.

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