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British economy contracts 0.3% in fourth quarter: Official

Published on Jan 25, 2013 6:05 PM

LONDON (AFP) - Britain's economy contracted by 0.3 per cent in the final quarter of 2012, a year in which it recorded zero growth, official data revealed today, putting the country at risk of yet another recession.

"After growth of 0.9 per cent in third quarter, the economy contracted by 0.3 per cent in the fourth quarter of 2012," the Office for National Statistics (ONS) said in a statement, adding that gross domestic product growth was flat over the year.

"GDP is estimated to have been flat between 2011 and 2012," the ONS said.

Should Britain's economy shrink also in the current first quarter then the country will enter its third recession since the 2008 global financial crisis.

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