13 Sep 2023

UK economy shrinks more than expected in July due to rain and strikes

Economics Correspondent

Amid a flurry of mixed signals on the state of the British economy, new figures show it shrank last month at a much faster pace than expected.

The Office for National Statistics said GDP fell by 0.5% in July – blaming the rainy weather and widespread strikes.

But just a few days ago the ONS had to revise their data for 2021, suggesting the UK wasn’t the worst performing economy in Europe after all.

So why didn’t the numbers add up the first time?