British Economy Shrinks Faster Than Expected
No help from the Olympics anymore
Britain's economy shrank more than forecast in the fourth quarter as the boost from the Olympic Games unwound and oil and gas output plunged, leaving the country on the brink of an unprecedented triple-dip recession.
Gross domestic product dropped 0.3 percent from the three months through September, when it grew 0.9 percent, the Office for National Statistics said today in London. That compares with the median of 38 estimates in a Bloomberg News survey for a decline of 0.1 percent.