Sharp Decline in UK Economy in July Revives Recession Risk
- Wet weather and strikes held back activity across services
- Figures add to a darkening mood for the second half of year
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The UK economy shrank at the fastest pace in seven months in July as strikes and wet weather hit activity harder than expected, reviving fears that a recession may be under way.
Gross domestic product slipped by 0.5% following a 0.5% gain in June, the Office for National Statistics said Wednesday. Economists had expected a contraction of 0.2%. Services, construction and manufacturing all shrank.