UK economy contracts in Q4

The British economy slowed down more than economists expected in the last quarter of 2012 as oil production in the North Sea fell, quarrying and mining output declined and as the Olympic games boost slumped, pushing the economy into a "triple-dip" recession. The UK's gross domestic product shrank 0.3% in the Q4 compared to a 0.1% fall initially estimated.

"There are no positive takeaways from today's first estimate," said Lee Hopley, chief economist for the EEF manufacturers' association. "Even assuming some unwinding of activity from the Olympics boost in the previous quarter, this still leaves no real signs of underlying growth in the economy."