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U.S. markets recover from steep losses
LONDON, Dec. 9 (UPI) -- Industrial production, accounting for 20 percent of Britain's economy, fell sharply in October, the Office for National Statistics said Tuesday.
Total production output dropped 1.7 percent in the month, pushed by a 7.3-percent decline in mining and a 7.6-percent decline in gas and oil production, the report said.
The month's decline was the largest production drop since January 2003, The Times of London reported.
Manufacturing output dropped 1.4 percent, falling for the eighth consecutive month.
Economists are predicting a 1-percent decline in Britain's gross domestic product in the fourth quarter, which would put Britain officially into a recession, as it would mark two consecutive quarters in which the economy contracted, The Times said.
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