The latest official figures showed that British economy fell in the last quarter of last year, triggering fears that the country may return to recession.
The Office for National Statistics said Friday Britain's GDP was estimated to have decreased by 0.3 percent in the last quarter 2012 compared with the previous quarter.
The country's GDP was flat in the fourth quarter comparing with the same period of 2011.
Output of the production industries was estimated to have decreased by 1.8 percent in the last quarter compared with the previous quarter.
However, construction sector output managed a growth of 0.3 percent in the fourth quarter.
Britain's dominant services sector reported zero growth in the fourth quarter of last year following an increase of 1.2 percent between second quarter and third quarter last year.
Service sector consisting of hotels and restaurants, finance and business services, transport, storage and communications, accounts for 75 percent of British gross domestic product (GDP), and is hence considered the main driver of the economy.
The bleak economic figure is in keeping with the previous economist analysis. Some of the studies predicted that Britain would suffer a triple-dip recession should GDP contract in both the fourth quarter of last year and first quarter of 2013.
John Hawksworth, Chief economist of the PwC UK, forecast that British economy would be flat in 2012, but pick up in a gradual process in 2013.
Britain had escaped from its double-dip recession in the third quarter of 2012, with gross domestic product (GDP) growing 1.0 percent. However this was due to one-off factors such as the London Olympics and rebounding activity after public holidays in the second quarter of the year.