Today news
About the same in other media
UK economy shrinks by 0.3% on back of manufacturing slump
Reading now: 910
Britain’s economy shrank by 0.3% in August from July, hit by weakness in manufacturing and by maintenance work that slowed the oil and gas sector, official data showed on Wednesday.
A Reuters poll of economists had pointed to zero growth in August.
“The economy shrank in August with both production and services falling back, and with a small downward revision to July’s growth the economy contracted in the last three months as a whole,” the Office for National Statistics chief economist, Grant Fitzner, said.
Fitzner highlighted a “notable decrease” in the manufacturing sector and a greater level than usual of maintenance in the North Sea oil and gas sector, which slowed output.
More details soon …
Read more on theguardian.comAbout this in other media
Mohamed El-Erian warns UK to walk back budget or ‘unleash bond vigilantes’ fnlondon.com /2 years ago
‘I didn’t see how I could ever get back to a normal life’: how burnout broke Britain – and how it can recover theguardian.com /2 years ago
UK economy predicted to be weak till 2024 despite Truss growth agenda theguardian.com /2 years ago
Show more
The website finance-news.co is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
