UK economy shrinks for second month in a row after unexpected slump in May
According to official figures, the UK economy shrunk even after the brolement tariffs of US President Donald Trump were stopped in May.
National Statistics Office (Ones) said that he signed a contract by 0.1 percent in May. Experts had expected 0.1 percent growth in May.
In April, when US President Donald Trump announced his country -specific tariffs and led to a global trade war, a decrease of 0.3 percent.
GDP, US President Donald Trump, which entered into force at the beginning of April, increased at the beginning of the year before the US President Donald Trump’s tariff rise.
OnS Economic Statistics Director Liz McKEANANNEN said: “In May, the economy signed some contract with significant decreases in production and construction, but partially balanced with growth in services.
“However, as a whole, the economy was still grew for three months. This reflected power was partially in part of the year, from some activities until February and March.
“The decline in the production of May was directed by oil and gas extraction, automobile production and frequently by the pharmaceutical industry.
“While the services grew with a strong month of law firms and computer programming in a weak April, they were partially balanced with a very weak month for retail sales.”
British industry leader Economist Ben Jones added: “In May, flat growth emphasizes the production and retail struggle and the pressures faced by the UK economy, along with an irregular performance in other regions of the service sector.
“Today’s data shows that a stagnant recovery remains on the most likely path that slows down growth in real income, a loose labor market, a loose labor market and real income.
Lıştında With increasing financial difficulties and the autumn budget on the horizon, the chancellor should provide clear assurance – there are no new taxes for the job, and instead it does not offer work to eliminate the obstacles to growth with companies.
“A open and collaborative partnership between the business and the government is very important to ensure the conditions of continuous economic growth.”
Chancellor Rachel Reeves said that the figures “disappoint” and “decided to initiate economic growth”.
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