Published January 11, 2013
LONDON – British manufacturing has contracted in November, fueling concern that the country's economy could be headed back into recession.
The Office of National Statistics says manufacturing output fell by 0.3 percent between October and November — compared with analysts' expectations of an increase of 0.5 percent.
Britain's economy has only just emerged from a double-dip recession after it recorded a 1 percent growth for the third quarter of 2012. However, Vicky Redwood, chief UK economist at Capital Economics said in a statement Friday that November's figures "provided yet more evidence that the economy probably contracted in the fourth quarter of last year."
The data comes only a day after the Bank of England left its key rate at 0.5 percent and its stimulus program in place, reflecting concern about the economy.