Article preview: It’s official. The UK economy has shrunk in size for the first time in seven years. According to the latest official figures from the Office for National Statistics (ONS), the British economy contracted during the second quarter. Economists were already predicting a weak second quarter, with an average forecast of 0%. Instead, the official figures point to a 0.2% decline in the gross domestic product (GDP), placing the UK economy on a recession footing.
One step away from recession
This 708-word blog post explains why the UK economy is now one step away from a recession, after official figures reported a 0.2% contraction in the second quarter of the year. Written on 10th August 2019.
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