LONDON (Reuters) - Britain’s economy posted no growth in the three months ending in January after contracting in the three months to December, the National Institute of Economic and Social Research said on Thursday.
Between October and December, gross domestic product shrank by 0.3 percent, it noted in its monthly estimate.
“We expect the UK economy to expand this year, but at a relatively modest pace,” NIESR said.
NIESR’s estimate follows official data earlier on Thursday showing that British industrial output rose a touch more than expected in December, but still concluded its worst quarter since the start of 2009. The release offered a glimmer of hope that Britain will avoid sliding back into recession.
Reporting by Olesya Dmitracova; editing by William Schomberg