UK GDP growth shrinks to -0.1% in August

All sectors down from July

The UK economy contracted in August according to Office for National Statistics (ONS) figures, contrary to expectations of stagnant growth.

Monthly gross domestic product (GDP) growth was negative 0.1% in August 2019, following June and July's respective positive figures of 0.1% and 0.4%, with all component sectors having fallen from their July levels. Yet overall UK GDP grew by 0.3% in the three months to August, indicating a recession may not be inevitable. The services sector was the main contributor to GDP, which grew by 0.4%, driven by a relatively strong performance in June and July versus the three months prior. BofAML survey: Managers warn of secular stagnation (but not a recession) Meanwhile, the production...