The UK economy is contracting at a faster rate than expected.GDP fell 0.7 per cent in Q2 from Q1. This is the third straight quarter of declines.
Economists were expecting a more modest 0.2 per cent decline.
On a year-over-year basis, GDP fell 0.8 per cent, versus expectations for a 0.3 per cent decline.
According to Bloomberg’s Linda Yueh, this is the sharpest decline in 3 years.
Economists are blaming much of the decline to heavy rainfall and an extra bank holiday.