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The United Kingdom has hit a tripled-dip recession, as its gross domestic product fell by 0.3% in the March quarter. The Telegraph reports on the U.K. GDP contraction:
The Office for National Statistics said that Britain’s gross domestic product (GDP) fell 0.3pc in the three months to the end of December, in line with two previous estimates.
The contraction was mainly due to a 2.1pc decline in industrial production, which represents the biggest fall since the first quarter of 2009, and brings Britain within sight of its third recession in five years.
“Today’s figures confirm that the UK economy finished last year on a very weak footing and keep alive the risk of a triple-dip recession,” said Samuel Tombs, UK economist at Capital Economics.
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