The UK's Recession Is Much Worse Than We Thought

Queen Elizabeth UK

Photo: AP

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.

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