UK at risk of 'triple dip' as GDP falls 0.3% in Q4

UK GDP contracted 0.3% in the final quarter of 2012, a worse than expected figure that raises the spectre of a triple-dip recession.

Economists had expected a fall of 0.1%, with many pointing to an expected reversal of the "Olympics effect" that had helped the economy grow 0.9% in Q3. The initial estimate from the Office for National Statistics, which added total 2012 growth was flat at 0%, confirms fears already raised by recent disappointing datapoints relating to the UK economy. These included poor retail sales at the end of 2012 and a 0.3% slowdown in industrial production seen in November. Worse-than-expected construction PMI data released earlier this month had also added to suspicions of a Q4 slowdown, th...