It's not all bad news for Britain, however, with the fall in global oil prices helping boost some aspects of the economy.
Manufacturing output, for instance, rebounded in November, rising 0.7 percent month-on-month in November.
Meanwhile, U.K. figures for November also showed that the trade deficit – the difference between the value of the U.K.'s imports versus its exports – narrowed to a 17-month low of £1.4 billion ($2.1 billion). This was helped in a large part by the decline in oil prices, which limited the values of imports.
"The U.K. lost some momentum late last year…and some caution is warranted about fourth quarter growth… but here comes oil," U.K. economist at Berenberg Bank, Robert Wood, said in a note Friday.
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"Falling oil prices put a huge new stimulus in the pipeline that should rev up the U.K. economic engine again," he said, adding that, as a net oil importer, "halving oil prices could shave upwards of £5 billion a year off the U.K.'s oil trade deficit."
The price of benchmark Brent crude has declined more than 50 percent since June 2014 on the back of a glut in supply and lack of demand. Brent crude oil traded around $50.47 a barrel on Friday, as prices suffered a seventh weekly loss.
However, Howard Archer, chief U.K. and European economist at IHS Global Insight, said that although the trade figures brought "brighter news" for the U.K. economy, "the suspicion remains that U.K. growth will remain heavily reliant on domestic demand, with net trade finding it difficult to make sustained positive contributions to U.K. growth in the near term at least."
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