India, March 14 -- The British pound weakened against most major currencies in the European session on Friday, after U.K. economy logged an unexpected contraction at the start of the year on a sharp fall in production.
Data from the Office for National Statistics showed that the U.K. Gross domestic product shrank 0.1 percent on a monthly basis in January, following a growth of 0.4 percent in December. GDP was expected to grow 0.1 percent.
The largest contributor to the fall was industrial production, which fell 0.9 percent reversing a 0.5 percent gain in December. A similar sharp fall was last reported in April 2024.
Manufacturing output slid 1.1 percent, in contrast to the 0.7 percent increase in the previous month. At the same time, co...