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9th August 2019
UK economy shrinks for first time in seven years

The UK economy unexpectedly contracted in the second quarter of 2019 against analysts’ expectations of a flat number. The contraction in the UK economy is the first in seven years and shows up some of the effects on UK growth as a result of a protracted exit from the EU. Manufacturing was mainly to blame with a contraction of 1.4% which, despite the pickup in service sector growth, was enough to force the overall number into negative territory. This fall back in growth comes off the back of a positive start in Q1 where companies began front running stock orders ahead of the UK departure from the EU. The pound reacted negatively on the news as did the UK’s domestic equity market with internationals faring better against a weakening pound.