UK economy shrinks by 0.3% on back of manufacturing slump
by Phillip Inman from Economics | The Guardian on (#64MJT)
August GDP data from ONS gives strong signal that UK is entering recession
Britain's economy shrank by 0.3% in August from July, hit by a slump in manufacturing and by maintenance work that slowed the oil and gas sector, official data showed.
Giving a strong signal that the UK is entering a recession, the Office for National Statistics said manufacturing declined by 1.6% while the cost of living crisis appeared to hit hotels, restaurants and the leisure industry.
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