The UK economy contracted in June on weaker out-turns in the services and industrial sectors, suggesting that the region is heading for a mild recession in the second half of the year. Real gross domestic product fell 0.5 percent in July, offsetting June's 0.5 percent increase, the Office for National Statistics reported Wednesday. The latest figure was also worse than economists' forecast of 0.2 percent decline.
The main contributor to the fall in GDP was a 0.5 percent drop in services output, which had increased 0.2 percent in June.
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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.