BREAKING: There are fears that the UK could be in recession after the economy unexpectedly shrank in August for the first time in two months.
There are fears that the UK could be in recession after the economy unexpectedly shrank in August for the first time in two months.
The drop of 0.3% from July to August comes after similar turmoil earlier in the year, when in April gross domestic product fell by 0.3%, compared to a fall of 0.1% in March. Experts had been expecting economic growth to flatline – but it fell, down from downwardly revised growth of 0.1% the previous month, according to the Office for National Statistics .To prevent a quarterly decline, there would need to be growth of more than 1% in September.
The ONS said there has been a continued slowing in three-month on three-month growth, with gross domestic product falling by 0.3% in the quarter to August.
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