UK GDP sags by 0.5% in July as recession looms 'around the corner'

All three sectors drop

UK GDP dropped by 0.5% throughout July, reversing the surprisingly strong expansion seen in the previous month and indicating that recession may be “around the corner”.

All three main sectors of the UK economy saw contractions throughout the month, data from the Office for National Statistics revealed today (13 September). Services output fell 0.5% in July, as did the construction sector, despite growth of 1.6% in June. Production output fell by 0.7% in July after growth of 1.8% in June, largely due to a 0.8% drop in the manufacturing sector. UK business leaders forecast inflation to fall over next 12 months Strike action from doctors and radiographers contributed to the fall in services output, with the human health activities industry...