Economy set for slow recovery

The UK economy will shrink in 2012, before growing marginally in 2013, Davy Research predicted yesterday, echoing reports from other forecasters. GDP will fall 0.5 per cent for 2012 as a whole, the Irish stockbroker said, before recovering 0.8 per cent next year. Exports will grow faster than the economy as a whole, Davy predicts, expanding 2.7 per cent in 2013, while UK consumer spending will shrink 0.2 per cent.