Britain's economy looks set to go into recession as data showed it unexpectedly shrank in August, underscoring the challenge for Prime Minister Liz Truss to make good on her promises to speed up growth
Weakness in manufacturing and maintenance work in North Sea oil and gas fields contributed to a 0.3% fall in gross domestic product from July, and the report also showed how a jump in inflation was hitting consumers.Register now for FREE unlimited access to Reuters.comJuly's increase in output was revised down to 0.1% from a previous estimate of 0.2%, and in the three months to August GDP fell 0.3%, its first decline since early 2021 when the country was mired in the coronavirus crisis.
Manufacturing fell by 1.6% from July and more maintenance than unusual in the North Sea hit the mining and quarrying sector which includes oil and gas. It slumped by 8.2%. Samuel Tombs, an economist with Pantheon Macroeconomics, said around one-third of households no longer had meaningful savings and the 30% with a mortgage were likely to reduce expenditure as borrowing costs went up.
That was stronger than its forecasts for the economies of Germany and Italy to shrink next year as they feel the full force of gas supply cuts from Russia caused by the war with Ukraine.
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