(MENAFN- Qatar News Agency) The UK's Gross Domestic Product (GDP) declined by about 3 percent in the fourth quarter of last year, with the economy also experiencing deflation.
The National Institute of Economic and Social Research in the UK pointed in a report to the rise in industrial output by about 3 percent last November, which is less than what had been expected, despite high oil and gas production in the North Sea.
For his part, economist Philip Shaw indicated that the data is disappointing, adding that there were expectations of a recovery in industrial output, but an economic recession took place instead. Most official data has indicated a recession of the economy in the fourth quarter of last year, he explained.
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