India, July 11 -- The UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in achieving her self-imposed borrowing rules.
Gross domestic product fell unexpectedly by 0.1 percent in May, following a 0.3 percent drop in April, data from the Office for National Statistics revealed on Friday.
GDP was forecast to grow 0.1 percent. Moreover, this was the second straight month of decline.
Among three main sectors, industrial production was the largest contributor to the monthly GDP fall, which was down 0.9 percent. Production declined 0.6 percent in April and 0.2 percent in March.
The monthly fall in manufacturing output deepened to 1.0 percent, the worst since July 2024, from 0.7 percent in ...