The UK economy contracted slightly more than initially estimated in the first quarter as the lockdown restrictions were re-introduced, revised data from the Office for National Statistics revealed on Wednesday.Gross domestic product dropped 1.6 percent sequentially instead of 1.5 percent fall estimated previously. GDP was up 1.3 percent in the fourth quarter of 2020. The level of GDP was now 8.8 p...
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.