KONTAN.CO.ID - LONDON. Britain's economy shrank by 0.3% in August, hit by weakness in manufacturing and maintenance work in North Sea oil and gas fields, according to official data which underscored the challenge for Prime Minister Liz Truss to speed up growth. Gross domestic product growth in July was revised down to 0.1% from a previous estimate of 0.2% and the economy was now believed to be back at its size just before the coronavirus pandemic struck, having previously been estimated at 1.1% above it, the Office for National Statistics said. A Reuters poll of economists had pointed to zero growth.
UK Economy Unexpectedly Shrinks in August, Falls by 0.3%
KONTAN.CO.ID - LONDON. Britain's economy shrank by 0.3% in August, hit by weakness in manufacturing and maintenance work in North Sea oil and gas fields, according to official data which underscored the challenge for Prime Minister Liz Truss to speed up growth. Gross domestic product growth in July was revised down to 0.1% from a previous estimate of 0.2% and the economy was now believed to be back at its size just before the coronavirus pandemic struck, having previously been estimated at 1.1% above it, the Office for National Statistics said. A Reuters poll of economists had pointed to zero growth.