Britain's economy slowed to a standstill at the end of 2001 due to a more serious fall in manufacturing activity than expected, according to the National Institute of Economic and Social Research.
November's manufacturing output fell 0.7%, leaving it 5.4% below its level twelve months before – the most acute year-on-year plunge since the last recession in 1991. Declines were recorded in five of the seven major industry sectors.
The NIESR estimates that the drop in manufacturing left overall GDP growth flat in the three months to November, with a similar level expected for the quarter to December.
News source: The Times (London)