UK economy contracts for first time since last August
Britain’s economy contracted last month for the first time in eight months amid signs that the Iran war is beginning to take its toll on some sectors.
The Office for National Statistics (ONS) said gross domestic product (GDP) declined by 0.1% in April in a sharp pull back from growth of 0.3% in March and 0.4% in February.
The decline was driven by a 0.2% fall in services, which was partially offset by a 0.1% rise in construction and 0.4% growth in manufacturing.
In the three months to April, GDP grew by 0.7%, according to the ONS.
Liz McKeown, ONS director of economic statistics said: “The economy grew in the latest three months as a whole, reflecting strong growth in February and March.
“This was despite April showing a small fall.”
Published: by Radio NewsHub
