Manufacturing in the United Kingdom for January shrunk by 1.5 per cent in January, the fastest decline since June 2012, leading to fears the country may experience a recession.
The National Institute of Economic and Social Research, a respected think tank, said yesterday that a recession was possible. It would be the third recession since the Global Financial Crisis.
Manufacturing’s output decreased by 1.5 per cent for January, recorded by the Office for National Statistics, erasing gains made in December.
"This is the penultimate nail in the coffin in terms of triple dip – it's pretty much game over now," Scotiabank economist Alan Clarke told Reuters.