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UK economy shrinks by 0.3% on back of manufacturing slump
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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.
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