It looks like yesterday's warning about complacency when it comes to stagnation was unnecessary this month. The ONS has released its second estimate of GDP for the fourth quarter in 2012, and it continues to report a contraction of 0.3 per cent.

It has, however, revised upwards growth for the first and third quarter of last year, meaning that 2012 overall was better than we thought:

The story of last year is now one of 0.3 per cent growth, rather than complete stagnation. But neither of those outcomes are something to celebrate.