Data shows Britain close to triple-dip recession

Britain's economy shrank more than expected at the end of last year with a North Sea oil production slump, lower factory output and a hangover from London's Olympics pushing it perilously close to a "triple-dip" recession.

The country's gross domestic product fell 0.3 per cent in the fourth quarter, the Office for National Statistics said yesterday, sharper than a 0.1 per cent decline forecast by analysts.

The news is a blow for the Conservative-led government, which a day earlier defended its austerity programme against criticism from the International Monetary Fund.

via Business feed http://www.scmp.com/business/article/1136288/data-shows-britain-close-triple-dip-recession