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在线翻译:
szdaily -> World Economy -> 
UK economy contracts for first time since 2012
    2019-08-12  08:53    Shenzhen Daily

THE British economy shrank unexpectedly for the first time since 2012 in the second quarter, dragged down by a slump in manufacturing just as Prime Minister Boris Johnson prepares to leave the European Union with or without a divorce deal.

In the most startling economic warning sign since the 2016 Brexit referendum, gross domestic product fell at a quarterly rate of 0.2 percent in the three months to June, below all forecasts in a recent poll that had pointed to a flat reading.

Year-on-year economic growth slid to 1.2 percent from 1.8 percent in the first quarter, Britain’s Office for National Statistics said Friday, its weakest since the start of 2018. Annual growth in June alone was the weakest since August 2013 at 1 percent.

“The economy is stalling,” PwC senior economist Mike Jakeman said. He said the Brexit crisis and the uncertain global outlook left Britain’s economy on a “knife-edge” for the third quarter.

Many car factories ramped up manufacturing at the start of the year and brought forward production breaks to prepare for Britain’s original Brexit date of March 29, but the divorce was delayed by then-Prime Minister Theresa May.

“Manufacturing output fell back after a strong start to the year, with production brought forward ahead of the original departure date from the EU,” ONS statistician Rob Kent Smith said.

June manufacturing data was unexpectedly poor and output for the quarter contracted at the fastest rate since early 2009, when Britain was mired in recession.

Private-sector business surveys have shown the manufacturing and construction sectors both contracted in July, while the larger services sector eked out only modest growth.

Britain’s economy has slowed since June 2016’s vote to leave the EU. (SD-Agencies)

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