UK Economy Unexpectedly Shrank in March as Consumers Spent Less
- Sputtering economy still leaves UK at bottom of G-7 nations
- Chancellor says first quarter growth is a good sign for UK
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The UK economy shrank unexpectedly in March as households turned more cautious and strikes hit activity across a wide range of sectors.
Gross domestic product fell 0.3% in March, the Office for National Statistics said Friday. Economists had expected no change. That left growth for the first quarter at 0.1%, the same as recorded in the final three months of last year.