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11.01.13

Low growth rates for UK industry

It is more and more likely that the UK will fall into a triple-dip recession, new statistics from the ONS show, as industrial growth was weaker than forecast.

Low growth for UK industry was posted in November, with manufacturing output falling 0.3% and the wider reading of industrial output grew by 0.3%. Analysts had been hoping for rises of 0.5% and 0.8% respectively.

An 11.3% rise in oil and gas output boosted November’s figures, after the completion of maintenance of the Buzzard North Sea oil field.

If output continues to fall in the first quarter of this year, the UK will fall into its third recession in four years.

Howard Archer of IHS Global Insight told the Guardian: “Hopes the economy avoided a renewed GDP dip in the fourth quarter of 2012 took another significant blow as industrial production could only manage a small rebound in November following sharp drops over the previous two months, while construction output suffered a marked relapse following October's surge.”

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