UK economy shrinks by 0.3% in April

The UK economy shrank by more than expected in April, according to official figures, with the figures coming a day after chancellor Rachel Reeves unveiled a raft of pledges in the government spending review.

The Office for National Statistics (ONS) said that the UK's gross domestic product (GDP) — the standard measure of an economy's value – shrank by 0.3% in April, which was more than the 0.1% contraction expected by economists. The fall followed growth of 0.2% in March and a 0.7% rise in GDP in the first quarter.

The largest contributor to the fall in GDP in April was a 0.4% fall in services output, the ONS said. Production output fell by 0.6% in April, while construction output grew by 0.9% that month.

By Vicky McKeever

Full story at Yahoo News.