The UK economy contracted by -0.2% during the final quarter of last year.
The bad news is that the effects of the Euro Zone crisis hasn't properly begun to impact upon the economy yet. There is a six to nine month 'lag' between events and their having an impact.
So they WILL fully impact upon the economic figures for the second and third quarters (and beyond) of this year.
Unfortunately things look set to get a whole lot worse.
Oh, and in April another tranche of cuts kick in ....
How The Guardian reported this news