FTSE 100 opens lower on fears Olympic boost has petered out
The FTSE 100 has opened lower on fears the economic boost from the Olympics has faded.
The FTSE 100 in London has opened on a low ebb this morning (January 25th), as concerns mount that the so-called Olympic boost, which helped the UK escape the double-dip recession, has petered out.
According to a survey conducted by Bloomberg, gross domestic product dropped by 0.1 per cent in the fourth quarter of the year as the extra economic activity provided by the international sporting event wound down, leaving the nation back at the brink of a triple-dip recession.
The state of the economy in the final three months of last year was also affected by maintenance shutdowns of gas and oil platforms on the North Sea.
Growth was restored in the third quarter of 2012, though the government is faced with the challenge of maintaining the momentum of the recovery under the pressure of inflation and spending cuts, while wage increases remain subdued.
At 08:40 GMT, the FTSE 100 slipped by 0.1 per cent to an index value of 6258.4 points, retreating from last week's peak.
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