UK economy contracts by larger-than-expected 0.5% in July

UK economy contracts by larger-than-expected 0.5% in July - ONS

2023-09-13 14:23

LONDON British economic output contracted by a larger-than-expected 0.5% in July, figures from the Office for National Statistics

LONDON British economic output contracted by a larger-than-expected 0.5% in July, figures from the Office for National Statistics showed on Wednesday, marking the biggest drop this year.

A Reuters poll of economists had pointed to a contraction in gross domestic product (GDP) of 0.2% from June.

All major sectors of the economy - services, manufacturing and construction - declined in July, the data showed.

Wednesday's data do not include recent, substantial upward revisions to the performance of Britain's economy up to the end of 2021.

(Reporting by Andy Bruce and David Milliken; editing by William James)