UK business activity contracts

6 September, 2019 12:00 AM printer

LONDON: British business activity shrank in August, slammed by weakness in the key construction, manufacturing and services sectors, as the economy suffers from Brexit turmoil, a key survey showed Wednesday.

The purchasing managers’ index (PMI) for all UK sectors dropped to 49.7 from 50.3 in July, according to IHS Markit, which compiles the data, reports AFP.

A figure below 50 indicates contraction.

“The PMI surveys are so far indicating a 0.1-percent contraction of GDP in the third quarter,” which would mean Britain had fallen into recession, noted Chris Williamson, chief business economist at IHS Markit.