By Marcus Leach

Figures released today (Wednesday) by the Office for National Statistics have confirmed that the UK economy contracted at the end of 2012.

The contraction was in line with previous estimates, as industrial production posted its biggest quarterly fall since early 2009, according to the official data

Gross domestic product dropped 0.3% in the October-to-December period, meaning he contraction followed a 2.1% decline in industrial production, the biggest fall since the first quarter of 2009.

Although the ONS kept its estimate for the fourth quarter of 2012 unchanged, it revised its estimate for how much the UK economy grew during the whole of 2012 from 0.2% to 0.3%.

“Today’s confirmation that UK GDP fell in Q4 2012 is yet another reminder of the challenge we face to get the UK economy growing," Ben Dowd, O2 Business Director, commented.

"Last week George Osborne unveiled measures to stimulate growth — including those to support the engine room of our economy — the small business community. But, it’s not just the responsibility of Government to support small businesses — big businesses have an important role to play too.

“For too long, business in the UK has worked in silos and it’s damaging our ability as a nation to innovate. Big business must do more to work with small businesses to help them fulfil their potential and continue to support economic growth.”

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