UK Fourth Quarter GDP -0.3% Over Previous Quarter; Much Weaker Than Expected

I think this is worth announcing as we have been discussing UK quite frequently on this forum just recently and now have some data in to support some of our discussions.

It is worth noting that this data comes from the last three months of 2012. So if anecdotal reports suggest conditions have worsened since new year, and this continues, then it looks likely that the UK will be heading into what I understand is an unprecedented triple-dip recession.

CNBC

The U.K. economy contracted more sharply than expected in the final quarter of 2012, the country's statistical agency said on Friday.

Gross domestic product (GDP) in the fourth quarter fell by 0.3 percent over the third quarter. The average estimate among economists was for a drop in output of 0.1 percent.

The U.K. economy grew 0.9 percent in the third quarter. Economists are concerned about a triple dip recession, with the U.K. economy seen contracting in the first quarter of 2013 as well.

On Thursday, Britain's Chancellor of the Exchequer told CNBC in Davos that the government would stick to its austerity plan, despite criticism from the IMF.

Wow. I am glad Im not a pommy.

I dont see how they will turn things around either.

Originally posted by stuntmanbob
Wow. I am glad Im not a pommy.

I dont see how they will turn things around either.

The same way they always do, hit the poor and give themselves tax cuts.

whilst the MP's in the UK give themselves a 30% increase in wages.

'were all in this together' (David Cameron).

I don't think so. scheming cheating bar-stewards.

Roll on the end of this year when we could get 3 million Bulgarian 'refugees' coming to our shores.

This country is going down the pan fast.

The Money Advice Service has calculated the pre-triple dip impact of price increases and income restrictions on ordinary households

Household costs soar by £4,000

Soaring prices on items such as food, utility bills and transport are eroding family budgets by around £331 a month, far outweighing a marginal rise in incomes.

While many of the price increases seem small in isolation - at £20 - £30 a month on average – they have added £3,972 a year to household expenses since November 2011, according to the latest Aviva Family Finances Report.

The average household income has risen over the same period by just £60 from £1,983 to £2,043.

To cope, families are being forced to make huge cutbacks, with many rationing their car use to save money.

Debts are also mounting with the average family now owing a record £11,101 in unsecured lending.

www.moneyadviceservice.org.uk...

reply to post by teapot


And the government keeps announcing stupidly low inflation figures.
The uk is set up for years and years of hard times, and the politicians and bankers will get even more filthy rich off it and laugh in the peoples faces for being such dumb little sheep.