Britain’s GDP Shrinks by 0.3 Percent in August
The UK’s GDP is estimated to have shrunk in August by 0.3 percent, triggering new fears of a recession.
The Office for National Statistics (ONS) on Wednesday said that production in August fell by 1.8 percent and services fell by 0. 1 percent.
The biggest contributor to the fall in production is manufacturing, which dropped by 1.6 percent, the ONS said.
But construction has grown by 0.4 percent, thanks to a 1.9 percent increase in new work, although repair and maintenance saw a 2 percent decrease.
Services dropped by 0.1 percent following 0.3 percent growth in July, largely owing to a 1.3 percent fall in human health and social work activities and a 5 percent drop in arts, entertainment, and recreation activities….