Just as U.K. Prime Minister David William Donald Cameron announced his future plans for his country’s membership in the European Union, there are signs that his austerity plans for Britain may not be working. U.K. gross domestic product contracted by 0.3% in the final quarter of 2012, which was worse than expected.
Cameron’s future will be, in large part, determined by the direction of Britain’s economy. As of today, those prospects appear a little dimmer. According to the Office of National Statistics detailed data:
- GDP was estimated to have decreased by 0.3% in Q4 2012 compared with Q3 2012.
- Output of the production industries was estimated to have decreased by 1.8% in Q4 2012 compared with Q3 2012, following an increase of 0.7% between Q2 2012 and Q3 2012.
- Construction sector output was estimated to have increased by 0.3% in Q4 2012 compared with Q3 2012, following a decrease of 2.5% between Q2 2012 and Q3 2012.
- Output of the service industries was estimated to have been flat in Q4 2012 compared with Q3 2012, following an increase of 1.2% between Q2 2012 and Q3 2012.
- GDP was estimated to have been flat in Q4 2012, when compared with Q4 2011.
- GDP is estimated to have been flat between 2011 and 2012. Users are, however, reminded that this figure is subject to revision in the second estimate of GDP when all quarters of 2012 are open for revision.
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