International Economy
The British economy is losing momentum. Archive photo. Photo: Kirsty Wigglesworth AP/TT
Economy (TT-Bloomberg)
British GDP fell more than expected in July after several public sector strikes. Rainy weather also contributed to this decline.
Tens of thousands of doctors in England took part in the largest strike in the history of the NHS in July. The strike continued for five days.
Similar strikes were held by doctors earlier in the summer, demanding higher wages to combat inflation.
As a result, Britain’s GDP fell by 0.5 percent in July compared to the previous month, according to the Office for National Statistics.
Expectations were for a decline of 0.2 percent, according to a Bloomberg compilation.
Bloomberg notes that the rainy weather in July was also a contributing factor to the decline in retail sales and declining consumption.
Compared to the same month last year, GDP remained unchanged.
Meanwhile, British industrial production fell by 0.7 percent in July compared to the previous month. Compared to the same month of the previous year, production increased by 0.4 percent.
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