The UK economy contracted by 0.1% in January, according to the Office for National Statistics.Most economists had forecast gross domestic product (GDP) to rise by 0.1% in the first month of the year. For the three months to January, GDP was estimated to have grown by 0.2%, driven by growth in the services sector, the ONS said. #GDP #ONS #RachelReeves
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00:00Hello, my name is Greg Wright, I'm the Deputy Business Editor of the Yorkshire Post, here
00:04are your headlines for today.
00:07Britain's economy contracted in January amid a sharp fall in the manufacturing sector.
00:14The ONS said the economy contracted by 0.1% in January, behind expert predictions and
00:21down from a 0.4% rise in December.
00:26Most economists had forecast GDP to rise by 0.1% in January.
00:33For three months to January, GDP was estimated to have grown by 0.2%, driven by growth in
00:39the services sector.
00:41Liz McEwan, the ONS Director of Economic Statistics, said the figures continue to show weak growth.