BRITAIN’S economy fell 0.1% in January, caused by a decrease in the production sector, according to official figures.
The latest figures from the Office for National Statistics (ONS) reveal Gross Domestic Product (DGP) fell marginally in January.
GDP is one of the main indicators used to measure the performance of a country’s economy.
When it goes up, it means the economy is doing well, when it falls it means the economy has shrunk.
Liz McKeown, Director of Economic Statistics at the ONS, said the overall economic picture continues “to be of weak growth”.
She said: “The economy shrank a little in January but grew in the latest three months as a whole.
“The fall in January was driven by a notable slowdown in manufacturing, with oil and gas extraction and construction also having weak months.”
But she added that services and retail saw strong performance in the first month of the year.
She said: “Services continued to grow in January led by a strong month for retail, especially food stores, as people at and drank at home more.”
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
