UK economy contracts in January amid faltering production sector
Britain’s economy shrunk in January amid a sharp fall in the manufacturing sector, according to official figures.
The Office for National Statistics (ONS) said the economy contracted 0.1% during the month, behind expert predictions and down from a 0.4% rise in December.
Most economists had forecast gross domestic product (GDP) to rise by 0.1% in the first month of the year.
Growth
For the three months to January, GDP was estimated to have grown by 0.2%, driven by growth in the services sector, the ONS said.
Liz McKeown, the ONS director of economic statistics, said the figures continued to show “weak growth”.
She said: “The fall in January was driven by a notable slowdown in manufacturing, with oil and gas extraction and construction also having weak months.
“However, services continued to grow in January led by a strong month for retail, especially food stores, as people ate and drank at home more.”
Support our Nation today
For the price of a cup of coffee a month you can help us create an independent, not-for-profit, national news service for the people of Wales, by the people of Wales.
Get more trusted Welsh news
Choose Nation.Cymru as a preferred source in Google News to see more of our journalism.
