British economy unexpectedly shrank in August

Official data showed today, Wednesday, that the British economy shrank 0.3% in August compared to July, due to the weakness of the manufacturing sector and maintenance work that affected the oil and gas sector.

A Reuters poll of economists had expected zero growth for the British economy in August.

“The economy contracted in August as both production and services declined, and with a small downward revision to July growth, the economy has contracted in the past three months as a whole,” said Grant Fitzner, chief economist at Britain’s National Statistics Office.