The UK economy contracted in the first quarter as school closures and a large fall in retail sales earlier in the quarter dragged down growth, the Office for National Statistics reported Wednesday.
Gross domestic product shrank 1.5 percent sequentially, reversing a 1.3 percent rise in the fourth quarter. Economists had forecast a sequential drop of 1.6 percent. The economy contracted again in the first quarter after rising for two straight quarters.
On a yearly basis, GDP dropped 6.1 percent, as expected in the first quarter.
Subscribe to continue reading the article.
This article is part of our premium content offering.Subscribe with a RTTNews subscription.
Subscribe NowAlready subscribed? Sign in
For comments and feedback: editorial@rttnews.com