construction

The UK economy shrank for the first time in seven years during the second quarter of 2019, official figures show. 

The Office for National Statistics (ONS) reported a 0.2% contraction in the economy between April and June.

The economy did receive a slight boost in the first quarter as a result of manufacturers stockpiling raw materials ahead of Brexit. But a slow down in stockpiling, coupled with reduced output in the manufacturing and construction sectors, caused a shrinking in Q2.

Meanwhile, the UK’s services sector, which accounts for roughly 80% of the economy, showed “virtually no growth at all”.