Economicgrowth in Britaincontractedagainduringthe lastthreemonthsof 2012. LarryMillerreports there is now concern Britain faces a triple-dip recession.
Even in the UK, which exists outside of the Eurozone there has been consistent speculation that the economy is heading toward a triplediprecession although recent research from the OECD is a little more upbeat on the UK than it is for the Eurozone.
The economy grew in the third quarter of last year, boosted by the impact of the Olympics, but shrunk again by 0.3% in the last three months of 2012 and would enter a triplediprecession if it contracted in the first quarter of 2013.
One of the reasons the preliminary GDP estimates, and any later revisions, attract so much attention is the urge to define the economy as in or out of recession: especially when the media is speculating about the possibility of an unprecedented so-called triple-dip recession.